Changes

'''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 ([[real estate]]) and, in some cases, on [[personal property]] or business property.

In many states in the United States, public education is funded primarily by property taxes.

In the [[U.S.]] it is typically the main source of revenue for [[local government]], especially for schools.

 

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)==

==States with lowest property taxes (per capita, annually)==