Which types of property are included under real property for taxation purposes?

The correct answer indicates that all land and buildings are classified as real property for taxation purposes, unless they are specifically exempted by law. This is a crucial concept in property tax administration as it encompasses a wide range of property types, including residential, commercial, industrial, agricultural, and more. Under Michigan property tax law, the broad definition ensures that a variety of properties contribute to the local tax base, supporting essential public services.

Properties can be exempted for numerous reasons, such as being owned by non-profit organizations, certain governmental entities, or fulfilling specific criteria under the state's property tax exemption laws. This inclusiveness allows for a fair assessment and taxation process while recognizing that not all properties should bear the tax burden equally.

By emphasizing that all properties are included unless stated otherwise, this principle promotes equity and thoroughness in tax assessments and helps municipalities maintain adequate funding for public needs.