What is the difference between real property and personal property?

Real property and personal property are two distinct categories of property recognized in law. Real property, also known as real estate, refers to land and anything permanently attached to it, such as buildings, trees, and other structures. It encompasses all improvements made on the land, which adds to its value. Ownership of real property typically includes rights associated with the land, such as the right to use it, modify it, or transfer ownership. On the other hand, personal property refers to movable items that are not permanently attached to land. This category includes tangible assets like vehicles, furniture, clothing, and equipment, as well as intangible assets such as stocks, bonds, and intellectual property. Personal property is typically classified as either tangible or intangible, with tangible property being physical items that one can touch and intangible property consisting of non-physical rights and interests. Understanding the distinction between these two types of property is important for various legal and financial matters, including taxation, inheritance, and property transactions. For further details on how King County Assessor categorizes and assesses these properties, it is advisable to visit their current webpage for more information.