Basics
Most jurisdictions below the state level in the United States impose a tax on interests in real property (land, buildings, and permanent improvements) that are considered under state law to be ownership interests.[3] Rules vary widely by jurisdiction.[4] However, certain features are nearly universal. Some jurisdictions also tax some types of business personal property, particularly inventory and equipment.[5]
States generally do not impose property taxes.[6]
Many overlapping jurisdictions may have authority to tax the same property.[7] These include counties or parishes, cities and/or towns, school districts, utility districts, and special taxing authorities, and vary by state. Few states impose a tax on the value of property. The tax is based on fair market value of the subject property, and generally attaches to the property on a specific date. The owner of the property on that date is liable for the tax.[8]
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