Property is an invaluable asset in the ownership or acquisition of land or goods. It is something that a person or organization has legal title to and can be either tangible or intangible. Property can include land, structures, appliances, paperwork, inventories, furniture, farm land, raw material, capital goods, and intellectual property such as copyrights, trademarks, and patents.

Real property is tangible and immovable property that is permanently affixed to the land. It can include structures that are added to the soil or land such as buildings, fences, or signage. It can also include the rights in minerals and natural resources, timber, rights to use roads and highways, rights to use water from a lake or stream, and the rights to hunt, fish, and/or trap on land.

Private property is owned by an individual, business, or government agency. It can include land, buildings, and other tangible items, such as vehicles. Private property also covers a variety of intangible property rights, such as mineral rights, water rights, the right to inspect or audit facility records, and the right to exclude strangers from access to private lands.

Government-owned property is property owned by a local, state, or federal government agency. This can include land, buildings, vehicles, and other tangible items of value. It can also include intangible property rights, such as mineral rights, water rights, and rights to inspect or audit agency records.

Personal property is property not attached to land or buildings. It can include items such as furniture, clothing, and tools. Personal property also covers a variety of intangible possessions and ideas, such as copyrights, trademarks, and patents.

Property is an important asset and important to understand both the tangible and intangible elements of property. The legal rights associated with this important asset can significantly influence the value of a person or business’ property as well as their liabilities and opportunities for financial gain. Knowing the different types of property is critical for individuals, businesses, and other entities to ensure the proper and legal use of assets.