What does the term “property” include?
Property is comprised of either real property or personal property. A public authority should be guided by the definition of “real property” contained in its enabling legislation. In the absence of a specific definition, the term generally applies to land, structures, franchises, easements, rights of way and licenses which the public authority could legally convey to another party. Personal property generally applies to all other items owned by the public authority, and includes all equipment, vehicles, and materials with a total value in excess of $5,000.
