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| | Property rights are the rights that a property owner has to that property
including the rights to decide its use as well as the benefits and costs of the
property.
Individual property rights include the right to sell, lease,
mortgage, subdivide, pass on to an heir, grant easement or develop a property.
These rights may also include legally protected interests in the air, water,
minerals and animals associated with the property.
Public property rights are government acts in the interest
of the community. The government has the right to tax, to take the land for
public use or to take the property if the owner dies without heirs. The
government also has the right to regulate the use of the land.
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