- An asset such as a patent, permit, computer program, or claim that has no physical properties. It is difficult to assign values to these types of assets.
intangible property, intangible personal property, competitive intangibles, legal intangibles
Related Terms and Acronyms
- Appraised Value — Definition,
- An educated opinion of how much a property is worth.
- Asset — Definition,
- Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others including bank accounts, stocks, mutual funds, and so on.
- Fair Market Value (FMV) — Acronym, Very Important,
- The highest price that a buyer would pay for a property and the lowest price a seller is willing to accept.
- Full Market Value — Definition,
- In reference to property taxes, usually refers to the tax rate applied to 100 percent of the property's value. Also full cash value.
- Illiquid Asset — Definition,
- An asset that cannot be sold easily or in a timely manner for its full value.
- Intangible Property — Definition,
- Property that does not have value itself, but represents something else. Stocks, bonds and franchises are examples of intangible property. Business furniture and equipment are examples of tangible personal property.
- Liquid Assets — Definition,
- Cash and other property that can be converted quickly and easily into cash.
- Market Value (MV) — Acronym, Important,
- Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.
- Personal Property (PP) — Acronym,
- Property that is movable and not permanently attached to a dwelling or structure.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Tangible Personal Property (TPP) — Acronym,
- Assets other than real estate that physically exist. Business equipment and vehicles are tangible personal property whereas stock certificates and franchises only represent value and are therefore intangible property.
- Valuation — Definition,
- The estimation of a property's price value through an appraisal.
- The process of finding the worth of an asset or business.