What are examples of inventory and supplies? Personal Property: is, for California property tax purposes, all property except real property.Property that is not real property (e.g. , land) is considered personal property for which the state of California issues an unsecured tax bill. Personal property is all property except real estate and can include business equipment, vessels, aircraft, vehicles and manufactured homes. County of Los Angeles Office of the Assessor. Real property is land and anything attached to it, while personal property refers to movable items. Real property refers to land and anything permanently attached to it. Tangible property owned, claimed, possessed or controlled in the conduct of a profession, trade or business may be subject to property taxes. If you are using any 'personal' equipment in your business, then yes, it must be reported.
