Property Tax is a levy imposed on the ownership of assets such as real estate and land, based on the value of the assets. It is a form of taxation used by governments to generate revenue from individuals and businesses. The amount of tax owed is determined by assessing the value of the asset, taking into account current market trends. Property owners must pay their property taxes on time and in full, or face penalties for late or unpaid taxes. Property Tax helps to fund public services like roads and schools, essential infrastructure and government programs. With higher property taxes come improved quality of life – so make sure you understand your local jurisdiction’s rules, regulations and rates before investing.