<Tr> <Th> 20 - 40 </Th> <Td> 2.70 </Td> </Tr> <Tr> <Th> 0 - 20 </Th> <Td> 3.60 </Td> </Tr> <P> 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 . Rules vary widely by jurisdiction . However, certain features are nearly universal . Some jurisdictions also tax some types of business personal property, particularly inventory and equipment . States generally do not impose property taxes . </P> <P> Many overlapping jurisdictions may have authority to tax the same property . These include counties or parishes, cities and / or towns, school districts, utility districts, and special taxing authorities which 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 . </P>

When was property tax implemented in the united states