What is real property?

Real property encompasses a broader concept than just the land or physical structures. It includes both the tangible and intangible rights associated with land and any improvements made to it. Tangible rights refer to physical aspects, such as the land itself and buildings. Intangible rights, on the other hand, may include easements, air rights, and mineral rights, which can provide additional value or usage benefits to the property owner.

This definition aligns with legal interpretations of real property, capturing not only the physical components but also the various rights of usage, access, and the ability to transfer ownership. Understanding real property in this comprehensive manner is crucial for assessment purposes, as it emphasizes that real property is not merely about the soil or structures but also encompasses the entirety of legal rights tied to that property.

Other options, while they touch on aspects of real estate, are too narrow. For example, defining real property solely as land without improvements misses significant components, and stating that it's only buildings and structures ignores the land and rights associated with it. Additionally, describing real property as any property held for investment does not capture the legal rights aspect, leading to a misunderstanding of the term in the context of real estate assessment.