Property

n. anything that is owned by a person or entity. Property is divided into two types: "real property," which is any interest in land, real estate, growing plants or the improvements on it, and "personal property" (sometimes called "personalty"), which is everything else. "Common property" is ownership by more than one person of the same possession. "Public property" refers to ownership by a governmental body such as the state, county or city governments or their agencies. The government and the courts are obligated to protect property rights and to help clarify ownership.