Business property is property used by a business for the production of income. Business property can be classified as real or personal property.
- Real property includes land and anything affixed to it, such as buildings, that can’t be removed without damage to the land. Real property in certain cases can also include minerals and oil found in the land.
- Personal property is all the other property owned by a business. Some examples of personal property include computers, furniture and fixtures, vehicles and equipment.