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'''Property tax''' is a tax levied on land and buildings ([[real estate]]) and on [[personal property]]. In the U.S. it is typically the main source of revenue for local government. High property taxes have the effect of depressing property values and ironically lowering tax revenues. There are two effects of this tax since the tax is levied both on the land value and the building value. The effect of the tax on land has the effect of lowering land cost, since it discourages land speculation, thus benefiting buyers and thereby making housing more affordable. The effect of the tax on the buildings has the effect of increasing costs and discouraging construction and job creation.
'''Property tax''' is a [[tax]] [[levied]] on [[land]] and buildings ([[real estate]]) and on [[personal property]]. In the [[U.S.]] it is typically the main source of revenue for [[local government]]. High property taxes have the effect of depressing [[property values]] and ironically lowering [[tax]] revenues. There are two effects of this tax since the tax is levied both on the land value and the building value. The effect of the tax on land has the effect of lowering land cost, since it discourages land speculation, thus benefiting buyers and thereby making [[housing]] more affordable. The effect of the tax on the buildings has the effect of increasing costs and discouraging [[construction]] and [[job creation]].
==States with lowest property taxes (per capita, annually)==
<ref>16 word [[quotation]]: [[Fair_Use#Quotes_from_Other_Online_Sources|Fair Use]] Source: [[Rawles, James Wesley]]. ''[[Rawles on Retreats and Relocation]]''. 1st. Clearwater, Idaho: The Clearwater Press, 2007. p. 42. Print. see [[James Wesley Rawles on Fair Use]]</ref><ref> http://www.survivalblog.com/retreatareas.html Recommended Retreat Areas accessed March 30, 2014</ref>
* [[Alabama]] $210
* [[New Mexico]] $283
* [[Kentucky]] $286
* [[Arkansas]] $321
* [[Louisiana]] $324
Rates vary across the states, between about 0.2% and 4% of the home value.<ref>http://www.taxfoundation.org/publications/show/1913.html, The Tax Foundation, Property Taxes on Owner-Occupied Housing by State, 2004 – 2009, Published 2009, Accessed March 30, 2014</ref>
==States with highest property taxes (per capita, annually)==
Not surprisingly these high property tax states are part of the [[welfare state]]-[[nanny state]]-[[police state]] mentality of [[leftism]]:
* [[New Jersey]] $1,591
* [[New Hampshire]] $1,555
* [[Connecticut]] $1,500
* [[New York]] $1,329
* [[Rhode Island]] $1,233
Source: The Tax Foundation, based on Commerce Department and [[Census]] statistics.
Note: Sales and income taxes can be reduced by effective planning and clever behavior. (Either lawfully or not advised, unlawfully.) But property taxes are different. As The Sopranos mobster said: "Them you gotta pay."<ref>64 word [[quotation]]: [[Rawles on Retreats and Relocation]], p. 42.</ref>
==See Also==
* [[List of taxes]]
* [[Income tax]]
* [[Sales tax]]
* [[Capital gains tax]]
* [[Death tax]]
* [[Big Government]]-[[Police State]]-[[Nanny State]]-[[Welfare State]]-[[Statist]]
[[Category:Legal Terms]]
[[Category:Legal Terms]]
[[Category:Taxation]]
[[Category:Taxation]]