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Simple English definitions for legal terms
possessory interest
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A quick definition of possessory interest:
Term: Possessory interest
Definition: Possessory interest means that someone has the right to use or occupy a piece of land or property, but they don't own it. It's like renting a house or apartment. The person with the possessory interest can control the property, but they have to follow certain rules. Sometimes, the government can tax the possessory interest, especially if it's for government property that someone is using.
A more thorough explanation:
Possessory interest
Possessory interest refers to the right of an individual to occupy or possess a piece of property, even though they do not own it. This means that the person has some present right to control the property, such as a lease or rental agreement.
For example, if you rent an apartment, you have a possessory interest in the property. You have the right to live there and use the space, but you do not own the apartment.
Possessory interest can also arise in situations where a person or entity has temporary use of government-owned property. In these cases, the possessory interest may be taxable.
For instance, if a business is granted a possessory interest in a piece of government-owned land to build a parking lot, they may be required to pay taxes on the value of that interest.
Overall, possessory interest refers to the right to possess and control property, even if you do not own it outright.