Open-access property may exist because ownership has never been established, granted, by laws within a particular country, or because no effective controls are in place, or feasible, i.e., the cost of exclusion outweighs the benefits. The government can sometimes effectively convert open access property into private, common or public property through the land grant process, by legislating to define public/private rights previously not granted.
Public property (also known as state property) can be property that is owned by all, but its access and use are controlled by the federal government, state or community. An example is a national or state park, or a government owned or state-owned enterprise.
Common property or collective property can be property that is owned by a group of individuals. Access, use, and exclusion are controlled by the joint owners. True commons can break down, but, unlike open-access property, common property owners have greater ability to manage conflicts through shared benefits and enforcement.
Private property can be both excludable and rival. Private property access, use, exclusion and management can be controlled by the private owner or a group of legal owners.
Property income refers to profit or income received by virtue of owning property. The three forms of property income are rent, received from the ownership of natural resources; interest, received by virtue of owning financial assets; and profit, received from the ownership of capital equipment. As such, property income is a subset of unearned income and is often classified as passive income. There are types of economic benefits. Further these forms of property and property income also apply to virtual property or virtual space and also virtual rights.