Question

I was having a discussion with someone about the definition of ownership. I was arguing that you do not really own property in the presence of property taxes, or while you are still paying off a mortgage because in the absence of continued payments someone can come and take your land away. It doesn't matter how little you have left on the mortgage; They'll take the entire house and property. The other person was arguing that the definition of ownership is not defined by whether continuous payments need to be made or not, but by whether you have property rights (as opposed to something else like tenant rights). They also argued that needing to continuously pay to maintain these property rights was irrelevant to the definition of ownership. Is there any prior discussion such a thing?

Answer 1

Ownership is defined by property rights, not by the need for continuous payments or maintenance. Property rights determine who is responsible for maintaining property and reducing risks.

Step-by-step explanation:

Ownership is defined by property rights, which are the legal rights of ownership on which others are not allowed to infringe without paying compensation. It is not defined by the need for continuous payments or maintenance. For example, even if a homeowner is paying off a mortgage or property taxes, they still have property rights and can exercise control over their property.

The concept of property rights is important in determining who is responsible for the costs associated with maintaining and reducing risk. If a well-defined legal responsibility is assigned to either party, that party will seek out and pay for the least costly method of reducing the risk. For instance, if a farmer has a property right not to have their field burned, they will take measures to prevent fires, or if a railroad has a property right to run trains on its tracks, it will invest in safety measures to avoid incidents.

In conclusion, ownership is determined by property rights, which grant individuals the legal rights of ownership and control over their property. The need for continuous payments or maintenance does not negate one's property rights or ownership status.