Property Ownership
What is the difference between 'real property' taxes and 'personal property' taxes in Delaware?
AReal property taxes apply to buildings only; personal property taxes apply to land only
BReal property taxes are assessed on land and improvements (real estate); personal property taxes are assessed on movable property like business equipment✓ Correct
CReal property taxes are levied by the state; personal property taxes by the county
DThere is no meaningful distinction under Delaware law
Explanation
Real property taxes (ad valorem taxes) are assessed on land and permanent improvements. Personal property taxes apply to movable items like business equipment and vehicles.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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