Property Taxation (theory)

Property taxation is a government levy on real estate owned by individuals or businesses. It is based on the property's value, assessed periodically. The purpose is to generate revenue for local services like schools, roads, and public safety. Property taxes are typically calculated as a percentage (tax rate) of the property's assessed value. Owners are responsible for paying these taxes, which can influence property values and land use decisions. The system aims to fairly distribute public service costs among property owners, ensuring community resources are adequately funded.