In the United States, property taxes, which are generally assessed on moveable assets like land and buildings, are a crucial source of funding for state and municipal governments.
In the United States, property taxes account for more than 30% of all state and local tax receipts and more than 70% of all local tax receipts. Public services like schools, roads, police and fire departments, and emergency medical services are all financed by local governments through money from property taxes.
Many governments additionally tax “tangible personal property” (TPP), such as automobiles and equipment held by individuals and corporations. While most people are aware of residential property taxes on land and buildings, generally known as “real” property taxes, few people are aware that some states also levy these taxes on TPP.
Taxes on a tangible personal property pose more of a challenge than taxes on real estate, which are often steady, neutral, and transparent.
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