Step 1 :Let's denote the width of the lawn as x. Then, the dimensions of the building would be \((30-2x)\) by \((40-2x)\).
Step 2 :The area of the building would then be \((30-2x)*(40-2x)\), and this should be less than or equal to 50% of the total area of the property, which is \(30*40/2 = 600\) square meters.
Step 3 :We can set up the inequality \((30-2x)*(40-2x) <= 600\) and solve for x.
Step 4 :Then, we can substitute x back into \((30-2x)\) and \((40-2x)\) to find the dimensions of the building.
Step 5 :Final Answer: The dimensions of the largest building that can be built on the property are \(\boxed{20 \mathrm{~m}}\) by \(\boxed{30 \mathrm{~m}}\).