The title of this presentation suggests that an exclusion of intangibles from property will necessarily include a determination of the tangible portion of real estate. Since this determination is usually made on the basis of the property owner’s interest or in the interest of the appraisal district, the opportunity for disagreement is apparent. The Dictionary of Real Estate Appraisal, Appraisal Institute, 3rd Addition, defines these terms as follows:
Intangible Property -
Non-physical items of personal property, e.g., franchises, trademarks, patents, copyrights, goodwill
Deferred items such as a development or organization expense
Tangible Property -
Property than can be perceived with the senses; includes land, fixed improvements, furnishings, merchandise, cash, and other items of working capital used in an enterprise.
The Texas Property Tax Code defines as follows:
“Tangible personal property” means personal property than can be seen, weighed, measured, felt, or otherwise perceived by the senses, but does not include a document or other perceptible object that constitutes evidence of a valuable interest, claim, or right and has negligible or no intrinsic value.
“Intangible personal property” means a claim, interest (other than an interest in tangible property), right, or other thing that has value but cannot be see, felt, weighed, measured, or otherwise perceived by the senses, although its existence may be evidenced by a document. It includes a stock, bond, note or account receivable, franchise, license or permit, demand or time deposit, certificate of deposit, share account, share certificate account, share deposit account, insurance policy, annuity, pension, cause of action, contract, and goodwill.
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