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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.
'''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.