Easy Way to Understand Government-Owned Property

Government-owned property is often referred to as "public property", even though it doesn't mean that it can be accessible to all citizen all the time, because property right define the legal ownership of resources and how they can be used, these resources can be both tangible or intangible, meaning owned by individuals, businesses, and government, for example; For instance, an army base may be government-owned, but with highly restricted access. A public playground, on the other hand, may be owned by a local government and free to anybody to enjoy, yet; Some government-owned properties are intended for public use and may be funded by taxation.

Property that is owned by the government is typically exempt from being taxed, it can include residential, commercial, and industrial land, as well as other physical assets, such as machinery, Property may become government-owned property through normal purchases or if it is foreclosed on for failure to pay taxes. Government-owned property may also refer to the property administered by the federal government, such as consulate buildings and embassies..