Final answer:
Manufactured and mobile homes are considered personal property due to their mobility, lack of permanent attachment to land, and different tax treatment compared to real estate. They can, however, be reclassified as real estate under certain circumstances, such as when permanently affixed to owned land.
Step-by-step explanation:
Manufactured homes and mobile homes are considered personal property because they meet specific criteria distinguishing them from real estate. These types of homes are often easily movable, which sets them apart from traditional houses that are permanently affixed to the land. Secondly, they are not permanently attached to the land; this means that the attachment to the land is either non-existent or temporary, allowing for the mobility of the home. Lastly, in many jurisdictions, manufactured and mobile homes are not subject to real estate taxes, but rather to personal property taxes or other forms of taxation that can differ from those applied to real estate.
It's important to note that while these homes may be considered personal property, they can be reclassified as real estate under certain conditions — for instance, if they are permanently affixed to land that the owner also holds. Real estate usually comprises things that are not movable, such as a house permanently attached to a piece of land. Also, real estate is often subject to real estate taxes based on its value and location.
Ultimately, the distinction comes down to the physical nature of the property, its mobility, and the way it is taxed. Understanding these differences is essential for proper legal and financial handling of such properties.