Property tax rates and the types of properties taxed vary by jurisdiction.

When
purchasing a property, it is essential to scrutinize the applicable tax laws.

In most Organization for Economic Co-operation and Development (OECD )

countries, immovable property tax represents a low proportion of federal
revenue when compared to income taxes and value-added taxes. However,
the rate in the United States is substantially higher than in many European
countries.2 Many empiricists and pundits have called for an increase in
property tax rates in developed economies. They argue that the predictability
and market-correcting character of the tax encourages both stability and
proper development of the real estate.