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In the United States, property taxes are generally levied by state or local governments. There is no federal property tax.

Real Property vs. Personal Property

As a general rule, real property taxes are imposed by municipal or county governments, with owners of property paying a percentage of the assessed value of the property. The assessed value customarily includes the value of the land and the value of any improvements on the land, including residences, businesses, outbuildings and other structures. The fair market value of the property is usually set by a municipal employee, known as an assessor, but property owners can always challenge the amount of the assessment. The assessed rates vary from municipality to municipality, with voters typically determining the percentage of a property tax.