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Glossary of Terms - P 

  • A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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  •  Personal Property

    Consists of every kind of property that is not real property. Personal property typically can be moved without damage to itself or real estate. Personal property is typically divided into tangible and intangible. In Colorado it usually refers to movable items not permanently affixed to, or part of, the real estate and is commonly known as “personalty" or "chattels."


     Possessory Interest

    A taxable interest in land owned by a governmental entity that is leased to a private owner for non-residential use. Examples may include grazing leases on BLM land, ski runs on Forest Service land, private hangars on ground leased at a public airport, restaurant seating on a public sidewalk, etc.


     Property

    Consists of the interests, benefits, and rights inherent in the ownership of land plus anything permanently attached to the land or legally defined as immovable. It is also considered as "real estate" which commonly includes land and any improvements. Often referred to as "realty."


     Property Tax

    A tax levied on property. In Colorado, property tax is an ad valorem tax in proportion to the value. See "Ad Valorem Taxation"



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