What is Property tax?
A '''property tax''' (or '''millage tax''') is a [[wikt:levy|levy]] on [[property]] that the [[Ownership|owner]] is required to pay. The [[tax]] is [[wikt:impose|impose]]d by the [[Government|governing]] [[authority]] of the [[jurisdiction]] in which the property is located. The tax may be paid to a [[national]], [[state]], [[province|provincial]], [[county]], [[region]]al, or [[Local government|municipality]] governmant. Multiple jurisdictions may tax the same [[property]]. This is in contrast to a [[Renting|rent]] or [[mortgage]] tax, which is based on a [[percentage]] of the rent or mortgage value. There are four broad types of property: [[land]], [[immovable property]], [[personal property]] and [[intellectual property]]. [[Real property]] (also called [[real estate]] or realty) means the combination of land and [[wikt:improvements|improvements]]. Under a property tax system, the government requires and/or performs an [[Real estate appraisal|appraisal]] of the [[Value|monetary value]] of each property. A tax is assessed based on that value. Forms of property tax used vary among [[countries]] and jurisdictions. Real property is often taxed based on its [[wikt:classification|classification]]. Classification is the grouping of properties based on similar use. Properties in different classes are taxed at different [[rates (tax)|rates]]. [[Example]]s of different classes of property are [[wikt:residence|residential]], [[commerce|commercial]], [[industrial]] and [[wikt:vacant|vacant]] real property.<ref>{{cite web |url=http://otr.cfo.dc.gov/page/real-property-tax-rates |title=Real Property Tax Rates |publisher=DC.gov |access-date=10 December 2015}}</ref> {{anchor|Vacancy tax in Israel}} In [[Israel]], for example, property tax rates are [[double]] for vacant [[apartment]]s versus [[wikt:occupied|occupied]] apartments.<ref>{{cite news|url=http://www.haaretz.com/business/interior-minister-approves-doubling-property-taxes-on-vacant-israeli-apartments.premium-1.524821 |title=Interior Minister Approves Doubling Pr