| a tax levied on real or personal property. |

| property tax n. A tax levied against the owner of real or personal property. |
Property Tax
A tax assessed on real estate by the local government. The tax is usually based on the value of property (including the land) you own.
Investopedia Commentary
This tax is mainly used by municipalities for repairing roads, building schools, and snow removal or other similar services.
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See also: Income Tax, Land, Land Value, Local Tax, Personal Property, Property