Early property taxes, first implemented in feudal times, were levied primarily on land and paid mostly by farmers. In modern times, property taxes are also levied on assets like real estate and paid on a recurrent basis by individuals or legal entities. High property taxes levied not only on land but also on buildings and structures can discourage investment in infrastructure, which businesses would have to pay additional taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the...