What it is:
Real property is anything that is attached to land.
How it works (Example):
For example, Company XYZ's factory, the five-acre mineral rights that are attached to the land are real property. Company XYZ's fleet of delivery trucks are not real property because they can be moved. The new electrical system Company XYZ installed in the factory is part of the real property, however, because it cannot be moved.on which the factory sits and whatever oil, gas or
Why it Matters:
The owners of real property usually have to pay property taxes on it to the local municipality or county.