Overall, property taxes constitute a small piece of the macroeconomic pie in industrialized countries, but they are an important source of revenue for local governments. To what extent do local governments rely on property taxes? To what is property tax revenue allocated? How have voters resisted increasing property taxes, and to what end? 

The U.S. Property Tax Revolt as a point of departure (in Stiglitz and Rosengard, 2015, pp. 834-835).

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Answer Property taxes play a significant role in the revenue sources for local governments in industrialized countries despite constituting a relative... View the full answer