Property Taxes

The property tax is a tax on the market value of privately owned property, including land, cars, business inventory, etc. Although the property tax is the principal source of revenue for localities, broad consensus has not been reached on the basic issue of whether property taxes are regressive, proportional or progressive.

Property tax liability is calculated by multiplying the nominal property tax rate by the assessment ratio (the percentage of the value of the property that is taxed) by the value of the property.

Related Articles

Sources of Government Revenue in the OECD, 2016

How High Are Property Taxes in Your State? (2016)

Median Property Taxes by County

Chicago Approves Property Tax Increase

How Do Property Taxes Vary Across The Country?

Testimony: Pennsylvania’s Tax Climate

How High Are Property Taxes in Your State?

Raining on Our Parade: Chicago Starts Taxing the Cloud

Indiana Tackles Throwback Rule and Personal Property Tax

The Real Challenges with Baltimore Property Taxes

Texas Legislature Passes $2.56 Billion Tax Cut Package

Pennsylvania Senate Considers Hiking Income and Sales Taxes

Happy Tax Freedom Day!

Pennsylvania Governor Proposes Major Tax Overhaul

Maine Gears Up for a Serious Tax Reform Conversation

Taxplainer: The State and Local Tax Impact of the Keystone Pipeline

How Does Your State Score on Property Tax Administration? Probably Not Very Well

Estonia has the Most Competitive Tax System in the OECD

New York Considers Special Property Surcharge for Nonresidents

Governor Rick Scott Offers Mixed Bag of Tax Proposals for Florida