Real Estate is the land, buildings and the rights and benefits inherent in owning them.
Personal Property is typically classified as movable items not permanently affixed to, or part of the real estate. It is assessed separately from real estate to certain businesses, public utilities, and owners of homes that are not their primary residence.
Fair Market Value (a.k.a. Full & Fair Cash Value):
Fair cash value has been defined by the Massachusetts Supreme Judicial Court as "fair market value", which is the price an owner willing but not under compulsion to sell ought to receive from one willing but not under compulsion to buy. It means the highest price that a normal purchaser not under peculiar compulsion will pay at the time, and cannot exceed the sum that the owner after reasonable effort could obtain for his property. A valuation limited to what the property is worth to the purchaser is not market value. The fair cash value is the value the property would have on January first of any taxable year in the hands of any owner, including the present owner. (Boston Gas Co. v. Assessors of Boston, 334 Mass. 549, 566 (1956)).