My understanding from the research that I have done on the phrase "real and tangible personal property is has follows:
Real and tangible are adjectives
and is a conjunction that puts together words, phrases, or clauses that have the same grammatical function
personal property is a compound word defined by Websters as a noun meaning personalty
that this phrase could be written as "real and tangible personalty" which would have the same meaning. That the only way I could see this written to mean real property is to say: "real property and tangible personal property" If you made real a noun and tangible personal property a noun you still could not come up with "real property" as real could be a Spanish coin.
I also do not believe this is legal question, as it is written in the Michigan constitution, which was ratified by the people at large not a group of attorneys.