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Personal property

Personal property includes all movable and tangible things that are not real property—such as money, goods, furniture, motor vehicles, animals, stocks, bonds, patents, copyrights, merchandise, and personal annuities.

In Illinois, personal property is defined as any property that is not real property (land and buildings). This includes movable and tangible items such as money, goods, furniture, motor vehicles, animals, and intellectual property rights like stocks, bonds, patents, and copyrights. Personal property is subject to personal property tax unless specifically exempted. Illinois has phased out its general personal property tax on individuals, but businesses may still be subject to personal property taxes on certain equipment and machinery. Additionally, when personal property is transferred, bought, or sold, it may be subject to sales tax. The state also has laws governing the transfer of personal property upon the owner's death, which is typically handled through wills, trusts, or intestate succession if there is no will.

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consumer goods

express warranties in leases of goods express warranties in sales of goods

implied warranties in leases of goods implied warranty in repairs

repossession of property

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Personal property

Individual & Family Legal Plan

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Illinois State Code

Illinois State Code

Personal property

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