You must report personal property holdings in detail as requested or mandated. Assets that are expensed or fully depreciated are assessable as Personal Property.Personal property is anything you can move and is subject to ownership. Personal property refers to items that are movable and owned, excluding land. Personal-use property is not purchased with the primary intent of making a profit, nor do you use it for business or rental purposes. Property that is not real property (e.g. , land) is considered personal property for which the state of California issues an unsecured tax bill. Real property can only be reappraised upon a change of ownership or new construction. Business personal property, including boats and airplanes, and certain. What is considered personal property for local property tax purposes?