Plant, Machinery, and Equipment (PME) are classified as personal property assets commonly held by asset-intensive businesses. These assets are integral to operations, serving various purposes such as manufacturing, production, service delivery, leasing to third parties, or administrative functions. Typically, PME assets are expected to remain in use for more than one year. 

Unlike real property, PME assets are generally movable and can be relocated without causing significant damage or disruption to land or structures. They also tend to have a shorter useful life. The valuation of PME can vary considerably depending on whether the assets are appraised individually or as part of a larger operational unit. Additionally, whether the valuation is conducted in situ or based on removal assumptions significantly impacts the assessed value.