Land, along with any permanent attachments, natural or artificial, comprises the tangible assets considered immovable. These attachments can include buildings, fences, trees, and mineral deposits. Ownership of this tangible property also conveys certain intangible rights, such as air rights and subsurface rights, which are linked to the physical land. The distinction often hinges on the inclusion of these intangible rights. One concept encompasses solely the physical land and improvements, while the broader concept includes the physical components plus the bundle of associated rights and interests.
Clarifying the distinction between these two concepts is critical for legal documentation, property transactions, and taxation. Historically, land ownership represented power and wealth, and the legal frameworks surrounding it evolved to protect these interests. Understanding the nuances safeguards property owners and ensures accurate valuations and legal interpretations. A precise definition avoids ambiguities and potential disputes related to ownership and usage rights.
