How is land classified in property terms?

Land is classified as tangible property because it represents a physical asset that can be seen, touched, and quantified. Tangible property encompasses all real estate, including land and buildings, which have a definitive location and can be measured. This classification highlights that land has intrinsic value due to its physical presence and the resources it may contain.

Personal property refers to movable items, such as furniture or vehicles, which do not include land. Intangible property refers to non-physical assets, such as patents or copyrights, which cannot be seen or touched. Public property relates to land owned by the government for community use, but it still falls under the broader category of tangible property since it consists of physical assets. Therefore, classifying land as tangible property accurately reflects its status as a concrete and measurable asset in real estate terms.