Ownership may be public or private. Public ownership is by the government. Private ownership is by an individual, a group of individuals, a corporation, or some other form of organization. Real property is the land and anything firmly attached to it, such as buildings and the minerals beneath the surface. Personal property can be divided into tangible and intangible property.
Tangible property exists physically.
The concept of private property has been challenged by political philosophies such as communism and socialism. According to Communist doctrine, real property and most personal property should be publicly owned that is, the state should own the means of industrial production and all wealth-generating personal property. Socialist societies do not generally hold that all property must be owned by the state. Appropriation of Property Taking the property of another for one's own purposes. Appropriation of property can include a legal taking of property, such as the taking of real property for a new highway through eminent domain, or illegal taking of property, such as in cases of embezzlement or larceny.