All owners of residential property, including rental properties, must pay the tax. The following groups must also pay LPT: People who have a long-term lease (20 years or more) People with a life interest or long-term right of residence (life or more than 20 years) in a residential property.

Over two thirds (67 percent) of taxes in the United States are collected by the federal government. Local government taxes account for 13 percent of total US taxes. The remaining 20 percent are collected by states, as shown in figure 2 below.

Ultimately, property owners are subject to the rates determined by the municipal government. A municipality will hire a tax assessor who assesses the local property. In some areas, the tax assessor may be an elected official. The assessor will assign property taxes to owners based on current fair market values.

State and local governments exercise important functions in the United States. They plan and pay for most roads, run public schools, provide water, organize police and fire services, establish zoning regulations, license professions, and arrange elections for their citizens.

v. to preempt (monopolize) an area of statutory law by a higher authority, such as Federal preemption of bankruptcy or inter-state commerce over state legislation, and state statutes or state constitution prevailing over laws of cities and counties on certain topics. ( See: preemption)

to do or say something before someone else does, especially to prevent them doing or saying what they had planned or to prevent their action being effective: The group raised its offer in an attempt to pre-empt a possible counterbid from a rival.

Preempt Synonyms – WordHippo Thesaurus….What is another word for preempt?