Personal Property With Example In Phoenix

Category:

Leases - Contracts

State:

Multi-State

City:

Phoenix

Control #:

US-00123

Format:

Instant download

Description

The Contract for the Lease of Personal Property is a legal document that outlines the agreement between lessor and lessee regarding the rental of personal property. For example, in Phoenix, this could involve leasing office equipment or vehicles. Key features of this form include the initial lease term, responsibilities for repairs and maintenance, and stipulations regarding assignment or subleasing. Users must fill in specific details such as the names of the parties, lease term dates, and property descriptions. It also highlights the relationship between parties, making it clear that they are not engaged in a partnership. This form includes terms addressing liability, attorney's fees in case of breaches, and how notices must be communicated between parties. The form is particularly useful for attorneys, partners, and associates involved in property leasing transactions, as well as paralegals and legal assistants who assist in drafting and processing these agreements. Its structured format aids in ensuring clarity and agreement on each party's obligations, thus minimizing potential disputes.

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FAQ

Personal-use property is not purchased with the primary intent of making a profit, nor do you use it for business or rental purposes.

This exemption amount is determined annually by the Arizona Department of Revenue per A.R.S. § 42-11127(C). Note: the Statutory Exemption is $248,691 in 2024.

Personal property depends on a surprisingly simple test: Can you physically move it? The outcome of that test determines the distinction between real property and personal property, which in turn has real implications for taxation.

Personal Property Personal belongings such as clothing and jewelry. Household items such as furniture, some appliances, and artwork. Vehicles such as cars, trucks, and boats. Bank accounts and investments such as stocks, bonds, and insurance policies.

Personal use property is used for personal enjoyment as opposed to business or investment purposes. These may include personally-owned cars, homes, appliances, apparel, food items, and so on.

For property tax purposes in Arizona, personal property is defined as all types of property except real estate. Taxable personal property includes property used for commercial, industrial, and agricultural purposes. Personal property is considered to be movable and not permanently attached to real estate.

The owner has a distributive right to exclude others (i.e. the right to command a "fair share" of personal property). In anarchist theory, private property typically refers to capital or the means of production, while personal property refers to consumer and non-capital goods and services.

A personal property tax is imposed by state or local governments on certain assets that can be touched and moved such as cars, livestock, or equipment. Personal property includes assets other than land or permanent structures such as buildings. These are considered to be real property.