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.