What type of property is defined as all property, real or personal, that a private party can own?

The definition of property that encompasses all real or personal items owned by a private party aligns with the concept of taxable property. Taxable property includes a vast range of assets, such as residential homes, commercial buildings, vehicles, and personal belongings, which are subject to property taxation by local governments. This category is significant as it reflects the economic interests of individuals and entities within the public sector, contributing to local and state revenues.

In this context, exempt property refers to those assets that are not subjected to taxation, such as properties owned by certain non-profit organizations or specific government entities, which do not fit into the definition provided. Government property and public property pertain to assets owned by governmental entities or held for public use, which also do not fit the personalized ownership aspect described in the question. Hence, the classification as taxable property is the most accurate as it encompasses all privately owned assets subject to taxation.