Last week George and his lawyer made a list of all his assets. They included his house, his car, and even his furniture and home computer.
All of them together were worth $500,000. His single biggest asset was his house. It was totally paid for (no mortgage), and worth $400,000. He also had $25,000 cash savings. $70,000 in stocks and bonds. and $5,000 worth of personal assets like a car, furniture and clothing.
If his house was worth the same but had a bank mortgage of $75,000, his total assets would still be $500,000, but he would also have $75,000 in total liabilities and his total net assets would be just $425,000.
We would then also say his (total)net worth was $425,000.
Usually property refers to real estate (house, condo,empty land). However there is also a term personal property, and another one property of someone. These last two can mean anything owned by someone.
When listing your assets for a bank, the house is real property(real estate) and the bicycle is personal property. They are 2 types of property in legal matters. There are probably several other types.
When discussing who is the legal owner of a bicycle, we say it is Bill's property, not Sam's.
If "property" could be considered "a bundle of rights" in law, then one could interpret it in its broadest sense as (i) "everything that is one's in law" (= proprietary + personal rights)(e.g. one's real estate + one's life) and then narrow it down to (ii) proprietary rights only (in rem + in personam)(e.g. one's real estate or the right of its ownership + debts due to one), (iii) proprietary rights in rem (tangible + intangible)(e.g. building + copyright), (iv) tangible property (e.g. a car or the right of its ownership).
In accounting, where balance sheet is, usually, classified ~: A. Assets
(i) Current assets (cash, receivables, inventory, ...) (ii) Non-current assets (investments and funds; tangible capital assets/property,plant and equipment/fixed assets; intangible capital assets, other non-current assets) B. Liabilities + Equity
There are many differences between the two words, Sun14. Your example sentence is not sufficient context - please provide a complete context of who you would be saying this to and why, and also of what the value refers to (Land? Money? Goods you intend to sell? A work of art?)