The Property Tax

Abstract

In the United States, property taxes are assessed mostly by slate and local governments. Real and personal property taxes account for about 37{\%} of state and local government's total tax receipts.1 Much of what is collected, especially from real estate taxes, is used to pay for local services. The tax on real property has long been thought of as the most inequitable form of taxation by many people. Yet it is still a major form of financing local government.2