Industrial property meets one of two definitions. In business, it is a kind of property used for industrial purposes. In law, industrial property makes up one half of intellectual property, or creations of the mind.
Many business require the use of industrial property. Examples of industrial property buildings include factory-offices, factory-warehouses, industrial parks or light and heavy manufacturing buildings.
Many states require businesses to pay taxes for industrial properties. Businesses pay these taxes to its respective state Department of Revenue. Some states, Kansas, for example, offer tax exemptions to business for property with exclusive uses, such as manufacturing or storage.
Industrial property, also called industrial design rights in the sense of intellectual property, includes patented inventions, trademarks, designs and geographic sources. It covers more than just industry and commerce, but also agricultural and manufactured products.
In order to patent an industrial property idea, the idea must have an industrial application with a practical use. It must also show new characteristics in its technical field not associated with prior art.
- All Business: Industrial Property Definition
- Oregon Department of Revenue: Industrial Property Tax
- Kansas Department of Revenue: Property Tax Apatements
- World Intellectual Property Organization: What is Intellectual Property?
- World Intellectual Property Organization: Understanding Industrial Property
The Definition of Industrial Land
Cities and towns often designate specific areas and parcels of land for industry. Businesses build factories, warehouses, light-manufacturing plants, research-and ...
Definition of Contiguous Property Owner
Contiguous property owners are the owners of tracts of real property connected by a common boundary. The property can be private, public...
What Is the Meaning of Industrial Arts?
Industrial arts represents the study and practice of technical design including furniture, automobiles and toys. Industrial artists serve many purposes in society...
Definition of Industrial Agriculture
Farming has evolved into big business over the past 120 years. Raising livestock or produce focuses on yield. Mono planting (one type...
Retail Property Definition
Comments. You May Also Like. Definition of Industrial Property. Industrial property meets one of two definitions. In business, it is a kind...
Definition of a Property Management System
Property management systems are key components of corporate oversight mechanisms, helping top leadership oversee the operating activities of residential and ...
Commercial Land Vs. Industrial Land
The difference between commercial and industrial land is mainly one of use. Commercial areas are used for trading goods and services while...
Definition of Industrial Accident
An industrial accident, or occupational accident, is an accident that occurs when an employee is at work. It includes any type of...