Local Governments and the Property Tax in the USA
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- Property tax
is a wealth tax utilized by local governments as a primary revenue source and is applied to (1) real property, which entails land and its improvements, and (2) personal property, which is the tangible and intangible aspects of a taxpayer’s personal wealth.
- Local governments
are political units of a state and include counties, municipalities, school districts, and special districts.
Property tax is a primary source of revenue for local governments in the 50 American states. While dependence on this source of revenue has declined for state and federal governments over the years, local governments continue to look to property tax as a revenue source for the provision of public goods and services to their residents. For the fiscal year 2015, property tax contributed the most to state and local government revenues (31.1%) with general sales (23.5%), individual income (23.5%), corporate income (3.7%), and other...
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