| The annual tax levied on property or assets owned by a person. Often applies to real estate property. Main source of income for local school districts in many parts of the country.
In Oregon, property taxes, once very high, are now somewhat reasonable. Bill Sizemore and his friends at Oregon Taxpayers United (OTU) have managed to pass several ballot measures over the years to cut property taxes. In the process, they have gutted the state budget (thus making our once fabulous schools mediocre) and shifted the tax burden away from businesses and onto individuals. One good thing that has come out of it, however, is that now property taxes can only grow by 3% per year, thus helping homeowners stay in their homes in a gentrifying neighborhood. Oregon now has the 9th lowest overall tax burden in the country, yet OTU continues to pursue drastic tax cuts. | 
