Government-Owned Property

This may blow some minds, so everyone sit down and prepare: the definition of “government-owned property” is property…that is owned…by the government. Boom goes the brain, right?

Whether the government is local, state, or national, if the property belongs to it, it’s government-owned property. Whether we’re talking about a piece of land, a building, or a bunch of notepads in an FBI building, it’s government-owned property. And whether they bought it or seized it as a result of its original owner’s nefarious acts, it’s—who can guess where we’re going here—government-owned property.

Government-owned property is tax-exempt, which makes sense, because why would a government pay taxes to itself on something it owns? That would just be weird. But the great thing is that sometimes governments auction that stuff off—a house that was seized for tax fraud; a Cadillac that was used to transport drugs across state lines—and we the citizen can buy it on the cheap.