Property Tax | TaxEDU Glossary
A property tax is primarily levied on immovable property like land and buildings, as well as on tangible personal property that is movable, like vehicles and equipment.| Tax Foundation
A property tax is primarily levied on immovable property like land and buildings, as well as on tangible personal property that is movable, like vehicles and equipment.| Tax Foundation
Property taxes are the primary tool for financing local governments. While no taxpayers in high-tax jurisdictions will be celebrating their yearly payments, property taxes are largely rooted in the benefit principle of taxation: the people paying the property tax bills are most often the ones benefiting from the services.| Tax Foundation
Different taxes have different economic effects, so policymakers should always consider how tax revenue is raised and not just how much is raised.| Tax Foundation
Retail sales taxes are an essential part of most states’ revenue toolkits, responsible for 32 percent of state tax collections and 13 percent of local tax collections (24 percent of combined collections).| Tax Foundation
Lawmakers can constrain the growth of property taxes without creating new problems. But the details matter.| Tax Foundation
