Property tax

A recurring tax imposed on the ownership or assessed value of property, most commonly land and buildings. Local governments often use it to fund public services.

Property assessment: The process of estimating a property's value or taxable characteristics for taxation. Assessors establish the base on which many property tax bills are calculated.
Local government: A public authority responsible for governing a subnational area such as a city, town, or county. Local governments are the principal public bodies that levy property taxes in many jurisdictions.
Income tax: A tax on income earned by individuals or organizations. Unlike income tax, property tax generally depends on property ownership and assessed value rather than earnings.
Tax incidence: The distribution of an economic tax burden among people affected by it, regardless of who legally pays. Owners may pass some property-tax costs to renters or buyers, depending on market conditions.
Assessed value: The value assigned to property by a taxing authority for calculating taxes or fees. The assessed value translates an appraisal into the figure used on a tax roll.
Public finance: The study and practice of government revenue, spending, and debt. Property tax is a major revenue instrument within public finance.
Sales tax: A tax charged on the sale of goods or services. Sales tax is triggered by a transaction; property tax recurs while taxable ownership continues.
Housing affordability: The relationship between housing costs and the resources households have available to pay them. Property taxes add recurring costs to owning a home and can strain households with limited cash income.
Mill rate: A tax rate expressed as a number of currency units per thousand units of assessed value. Local governments apply mill rates to assessed values to determine levies.
School district: A local public authority that administers or funds public schools within a defined area. In many places, school districts receive a substantial share of property tax revenue.

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