Final answer:
Property is a kind of tax; specifically, property taxes are levied on real estate and sometimes other assets. Local governments use these taxes for revenue, funding essential services, and maintaining public infrastructure, with rates based on the property's assessed value.
Step-by-step explanation:
Among the given options, property is a kind of tax. Property taxes are imposed on assets, primarily on real estate, by local governments and sometimes by special purpose authorities. The value of the property is determined typically by a local assessor, and the tax is calculated based on a proportional tax rate applied to that value. As property ownership is often concentrated among higher-income groups, property taxes are viewed by some economists as progressive. Municipal governments in the U.S. utilize property taxes to raise revenue, which is essential for funding local services such as police and fire departments, as well as the maintenance of public areas like parks.