Changes

'''Private property''' means assets that can be acquired, transferred and controlled by individuals rather than [[government]], such as [[land]], [[house]]s, [[chattel]]s, and [[goods]]. It is characterized by a single owner with absolute dominion over the [[property]]. When two or more owners have a claim or if the ownership is temporary or limited, it is not private property. Private property, in the [[United States of America]], is [[constitution]]ally protected by [[state]] and [[federal]] constitution (see: [[Fifth Amendment]])

'''Private property''' means assets that can be acquired, transferred and controlled by individuals rather than [[government]], such as [[land]], [[house]]s, [[chattel]]s, and [[goods]]. It is characterized by a single owner with absolute dominion over the [[property]]. When two or more owners have a claim or if the ownership is temporary or limited, it is not private property. Private property, in the [[United States of America]], is [[constitution]]ally protected by [[state]] and [[federal]] constitution (see: [[Fifth Amendment]])

Private property is one of three major forms of ownership.  The other two are [[collective property]] and [[Common property]].

Private property is one of three major forms of ownership.  The other two are [[collective property]] and [[common property]].

== Exposition ==

== Exposition ==

nature, capable of being in possession and transmitted to another, such as

nature, capable of being in possession and transmitted to another, such as

houses, lands, and chattels.

houses, lands, and chattels.

<ref>Black's Law dictionary, sixth ed., p.1217</ref>

<ref>Black's Law Dictionary, sixth ed., p.1217</ref>

'''OWNERSHIP''' - ... Ownership of property is either absolute or qualified. The

'''OWNERSHIP''' - ... Ownership of property is either absolute or qualified. The

persons, when the time of enjoyment is deferred or limited, or when the use is

persons, when the time of enjoyment is deferred or limited, or when the use is

restricted.  

restricted.  

<ref>Black's Law dictionary, sixth ed., p. 1106</ref>

<ref>Black's Law Dictionary, sixth ed., p. 1106</ref>

'''DOMINION''' - Generally accepted definition of "dominion" is perfect control in

'''DOMINION''' - Generally accepted definition of "dominion" is perfect control in

'''LAND''' - The land is one thing, and the estate in land is another thing, for an estate in land is a time in land or land for a time.

'''LAND''' - The land is one thing, and the estate in land is another thing, for an estate in land is a time in land or land for a time.

<ref>Black's Law dictionary, sixth ed., p.877</ref>

<ref>Black's Law Dictionary, sixth ed., p.877</ref>

'''REAL ESTATE''' ".... is synonymous with real property"

'''REAL ESTATE''' ".... is synonymous with real property"

<ref>Black's Law dictionary, sixth ed., p.1263</ref>

<ref>Black's Law Dictionary, sixth ed., p.1263</ref>

'''REAL PROPERTY''' ... A general term for lands, tenements, heriditaments; which on the death of the owner intestate, passes to his heir."

'''REAL PROPERTY''' ... A general term for lands, tenements, heriditaments; which on the death of the owner intestate, passes to his heir."

<ref>Black's Law dictionary, sixth ed., p.1218</ref>

<ref>Black's Law Dictionary, sixth ed., p.1218</ref>

'''ESTATE''' - The degree, quantity, nature and extent of interest which a person has in real and personal property. An estate in lands, tenements, and hereditaments signifies such interest as the tenant has therein."

'''ESTATE''' - The degree, quantity, nature and extent of interest which a person has in real and personal property. An estate in lands, tenements, and hereditaments signifies such interest as the tenant has therein."

<ref>Black's Law dictionary, sixth ed., p.547</ref>

<ref>Black's Law Dictionary, sixth ed., p.547</ref>

'''INTEREST''' - ...More particularly it means a right to have the advantage of accruing from anything ; any right in the nature of property, but '''less than title'''.

'''INTEREST''' - ...More particularly it means a right to have the advantage of accruing from anything ; any right in the nature of property, but '''less than title'''.

<ref>Black's Law dictionary, sixth ed., p.812</ref>

<ref>Black's Law Dictionary, sixth ed., p.812</ref>

'''TITLE''' - "The formal right of ownership of property..."

'''TITLE''' - "The formal right of ownership of property..."

<ref>Black's Law dictionary, sixth ed., p.1485</ref>

<ref>Black's Law Dictionary, sixth ed., p.1485</ref>

'''PROPERTY TAX''' - "An ad valorem tax, usually levied by a city or county, on the value of real or personal property that

'''PROPERTY TAX''' - "An ad valorem tax, usually levied by a city or county, on the value of real or personal property that

the taxpayer owns on a specified date."

the taxpayer owns on a specified date."

<ref>Black's Law dictionary, sixth ed., p.1218</ref>

<ref>Black's Law Dictionary, sixth ed., p.1218</ref>

== References ==

== References ==