What is the name of the tax that is usually levied on real estate?

Property tax is a tax based on the value of real estate. It is typically levied by local governments and funds essential services such as education, infrastructure, and public safety. Property taxes are calculated based on the assessed value of a property, which is determined by local assessors. This type of tax is crucial for municipalities as it provides a stable source of revenue that can be used for various community needs. Understanding property tax is vital for homeowners and investors, as it directly impacts the affordability of owning real estate and the overall expenses associated with property ownership.