Surplus property

Surplus property,

Definition of Surplus property:

  1. Property that is retained by a state government, but is not currently being utilized. A surplus property may be out of date or no longer working. The property is typically housed in a facility or kept vacant until the state decides what to do with the property. In 2009, the state of California sold a majority of its surplus property in an effort to close the huge budget deficit it was facing.

Meaning of Surplus property & Surplus property Definition