Final answer:
Property taxes are taxes imposed on assets, such as real estate. Municipal governments typically collect property taxes to raise revenue. They can be assessed on homes, land, and businesses.
Step-by-step explanation:
Property taxes are taxes imposed on assets, such as real estate. Municipal governments typically collect property taxes to raise revenue. The value of the property is assessed by a government official, and a proportional tax rate is applied to that value. Property taxes can be assessed on homes, land, and businesses, and they are often used to fund local infrastructure projects and services.