What does 'tangible property' refer to?

Tangible property refers to actual physical items that can be touched and measured, encompassing both real estate and personal property. Real estate includes land and any structures permanently attached to it, such as buildings and homes. Personal property entails movable items that are not fixed to a specific location, like vehicles, furniture, and collectibles. The concept of tangible property is crucial in appraisal and taxation as it is the basis for determining value for both real and personal assets. This definition distinguishes tangible properties from intangible assets, which do not have a physical presence, such as stocks, bonds, or intellectual property. Understanding this distinction is essential for professionals working in appraisal and assessment contexts, as it directly impacts property valuation and taxation assessments.