In the US, property taxes go to state and local governments. > Are property taxes based on current price? Yes, except in California due to Prop 13, where your

In the US, property taxes go to state and local governments. > Are property taxes based on current price? Yes, except in California due to Prop 13, where your assessed value is decided when you purchase the property (or revalued when it is significantly rebuilt) and increases by at-most 2% annually (below inflation).