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→Definition: Re iterating the difference between absolute ownership of private property and qualified ownership of estate
Property has traditionally been divided into two main types, real property and personal property, or personalty. Real property refers to ownership of land, while personalty constitutes all other types of property. In addition, the law recognizes certain kinds of analogous rights to immaterial assets that are sometimes considered property rights, as well. For example, patents, trademarks, trade secrets, and copyrights are often referred to as “intellectual property,” because they provide the right to exclude others and the right to sell (but, except for trademark, do not necessarily convey an affirmative right for the owner to use).
Property has traditionally been divided into two main types, real property and personal property, or personalty. Real property refers to ownership of land, while personalty constitutes all other types of property. In addition, the law recognizes certain kinds of analogous rights to immaterial assets that are sometimes considered property rights, as well. For example, patents, trademarks, trade secrets, and copyrights are often referred to as “intellectual property,” because they provide the right to exclude others and the right to sell (but, except for trademark, do not necessarily convey an affirmative right for the owner to use).
Private property is distinct from estate (real and personal property) in that it is absolutely owned by an individual. As it is recognized as a constitutionally protected right, it is protected from being taken for public use without just compensation. In contrast, estate is subject to ad valorem taxes and can be taken for public use without just compensation, by condemnation for failure to pay taxes.
No American state or federal government levies a tax upon private property.
== Ownership ==
== Ownership ==