Assets held under the name of a federal, state, or local government. Properties may include residential, industrial, and commercial land, as well as physical assets like machinery. It may become government-owned property through normal acquisition or if it is foreclosed for failure to settle tax obligations, or any other reasons. Such property can also pertain to the property managed by the federal government such as buildings, consulate, and embassies. Usually, these properties are exempted from being taxed.