Which of the following items is included in the definition of taxable property?

The definition of taxable property generally encompasses all property that is owned by private parties, as they are typically subject to property taxes. This includes residential, commercial, and industrial properties that individuals or business entities possess. Taxable property is a critical component of local government funding, as property taxes collected from these private holdings contribute to public services and infrastructure.

In contrast, property owned by the state is usually exempt from taxation, as it is classified differently under tax law, recognizing the role of government entities in providing public services. Similarly, properties owned by non-profit organizations may also enjoy certain tax exemptions based on their status and the nature of their activities, which serve public interests. Public parks and recreation areas typically fall under governmental ownership and are designated for public use, thus similarly exempt from property taxes.

Understanding that only private ownership generally leads to taxable status allows for clarity in how taxation strategies are developed and implemented by local jurisdictions.