Real estate taxes represent the largest single source of revenue for a large portion of local governments. Most property taxes are applied in relation to the value of the property, or in other words, they are:

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Ad valorem taxes are taxes that are imposed based on the value of the property. This means that the amount of the tax will vary depending on the value of the property. Ad valorem taxes are the most common type of property tax, and they represent the largest source of revenue for many local governments. Effective tax rates, on the other hand, are a measure of the total tax burden relative to income, while tax-exempt means that the property is not subject to taxation. Regressive taxes are those that impose a greater burden on lower-income individuals.

Real Estate Taxes Represent the Largest Single Source of Revenue