Definition - What does Tangible Property mean?
Tangible property is that which can be seen and touched. It is a material item. Types of tangible property include cash, houses, cars, boats, and jewelry. Tangible property received its name because it can be handled as opposed to property that cannot be physically held such as a patent or a trademark. Tangible property is considered within the context of many types of legal cases whenever assets need to be split (such as in divorce cases) or when a person files for bankruptcy and has to list all of their assets in an effort to see which can be sold to satisfy debts.
Justipedia explains Tangible Property
Tangible property can also be used as collateral towards a loan and can be insured against theft, fire, or loss. This differentiates it from assets that cannot be physically picked up or touched.State, personal, and property taxes are also based on the cumulative amount of tangible property a person holds ownership over.
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