Property

What is property?

Property is any asset—tangible or intangible—that a person or entity legally owns and has enforceable rights to use, manage, transfer, or bequeath. Examples range from land and buildings to vehicles, bank accounts, patents, and brand identities. Property often represents economic value but can also create liabilities (for example, an owner may be responsible for injuries that occur on their premises).

Key takeaways:
* Property can be physical (real estate, cars, furniture) or intangible (stocks, patents, trademarks, goodwill).
* Intellectual property (logos, inventions, creative works) is a form of intangible property that can carry substantial value.
* Ownership conveys rights and responsibilities; property can add to net worth but also expose owners to legal and financial liabilities.

Types of property

Real property

Real property includes land, structures on the land, and the legal rights associated with land use and enjoyment. Real estate transactions—buying, selling, leasing, and managing land and buildings—center on real property. Interests in real property include freehold estates (ownership without a set end date) and leasehold estates (time-limited rights such as leases).

Personal property

Personal property comprises movable items and assets not permanently attached to land: clothing, vehicles, furniture, tools, and equipment. It also includes intangible personal assets such as bank accounts, investments, and patents, where legal ownership confers rights even though the item isn’t physically movable.

Private property

Private property is owned by individuals or private entities rather than by public authorities. It can be real or personal, tangible or intangible. While generally excluded from public use, private property may be taken by the government under specific legal mechanisms (for example, eminent domain).

Government-owned property

Government-owned property covers assets held by public bodies, including public parks, schools, infrastructure, and some restricted facilities (military sites, labs). Some government assets are publicly accessible; others are not. Private property can become government-owned through forfeiture, escheat, or purchase.

Intangible and intellectual property

Intangible property exists in nonphysical form but has value—stock certificates, contractual rights, and reputational value. Intellectual property (IP) is a subset of intangible property that protects creative and inventive works (patents, trademarks, copyrights, trade secrets). IP ownership is often enforced through legal action to prevent infringement and to license rights for revenue.

Valuing property assets

Valuation considers all property holdings when assessing the worth of an individual or business. Tangible assets (real estate, equipment) and intangible assets (patents, brand value, licenses) both contribute to overall value. Example: a small company with modest revenues may be worth far more if it owns a valuable factory building or holds a patent that can be licensed.

Professionals involved:
* Appraisers estimate market value for sales and financing.
* Assessors determine taxable value for property tax purposes.
* Auditors and analysts aggregate property values when valuing businesses.

Property and net worth

Net worth equals total assets (all property values) minus liabilities (debts, obligations). Example:
* Assets: $100,000 home + $7,000 car + $65,000 retirement account = $172,000
* Liabilities: $20,000 student loan + $3,000 credit card debt = $23,000
* Net worth = $172,000 − $23,000 = $149,000

Common questions

How do you find out who owns a property?
* Search county assessor or recorder websites
* Contact the local court clerk
* Use a real estate broker or title company
* Conduct online public-record searches

How are property taxes calculated?
* Property tax = assessed value × tax rate
* Example: $100,000 assessed value × 4% tax rate = $4,000 annual tax

What does a property appraiser do?
* A property appraiser estimates a property’s market value for transactions and financing.
* A property assessor determines value for taxation purposes; their assessed value is used to calculate property taxes.

Conclusion

Property encompasses a broad range of assets with legal rights attached—real, personal, private, government-owned, tangible, and intangible. Understanding the types of property, how interests are held, and how assets are valued is essential for legal protection, taxation, financial planning, and accurately assessing net worth.