A progressive tax structure allows low-income earners to pay a smaller proportion of their income as tax compared to high-income individuals, who are taxed at progressively higher rates.

When you purchase a home or piece of property, the tax you pay annually to local government for municipal services such as police and fire protection is often, fittingly, called property tax.

Janet Berry-Johnson is a CPA with 10 years of experience in public accounting and writes about income taxes and small business accounting. Ryan Eichler holds a B.S.B.A with a concentration in ...

Definition: Property tax is the annual amount paid by a land owner to the local government or the municipal corporation of his area. The property includes all tangible real estate property, his house, ...