Property tax is an ad valorem tax that an owner of real estate or other property pays on the value of the target of the tax. The taxing authority performs or requires an appraisal of the value of the property, and tax is assessed in proportion to that value. Forms of property tax used vary between countries. Examples are:
United Kingdom
There is currently no tax on residential property. Two former systems were dropped because of their extreme unpopularity. They were
United States
In the United States, property tax on real estate is usually assessed by local government, at the municipal or county level.
Rising real estate property taxes were a cause of taxpayer revolt in the west; see California Proposition 13 (1978) and Oregon Ballot Measure 5 (1990) for more details.
In the US, another form of property tax is the personal property tax, which can target
- automobiles,
- other durable goods (though typically household goods and personal effects are almost always exempt), and
- intangible assets such as stocks and bonds.
See also: Land Value Tax, California Proposition 13 (1978).
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