Property taxes in modern times are taxes levied on both the land and the real property it sits on. Both of these fluctuate on an yearly basis in the US and accordingly the taxes due. Since the Covid-19 pandemic the boom in residential property prices across the country has been a windfall for local governments as they are able to generate more revenues in property for the same property.

Property taxes in Europe vary between countries sometimes significantly. According to an article by Alex Mengden at the Tax Foundation, property taxes are not levied by Liechtenstein and Malta. Estonia collects tax only on the land. Luxembourg has the lowest property revenue as a share of its private capital stock at 0.05% followed by Switzerland and the Czech Republic. The highest property taxes are in the UK followed by Iceland and Greece.

The following chart shows the real property taxes in Europe based on 2021 data:

Click to enlarge

Source: Real Property Taxes in Europe, Tax Foundation