An Overview of Missouri's Property Tax Living With Our Property Tax: Facts, Issues, Options A Living Guide to Missouri's Property Tax - A Project of the Public Finance Initiative The Importance of the Property Tax The property tax is one of the oldest forms of taxation in history that has been used extensively by all three levels of government during various parts of American history. [...] Today, sales and income taxes are the major revenue sources for states while the property tax remains almost exclusively a local tax Although property taxes are not a significant source of state revenue for most states, the property tax remains important to state officials and policymakers. [...] • Displeasure with government and taxes often focuses on the property tax • Property tax relief measures, particularly for the poor, the elderly and the farmers, have reduced many complaints and helped lessen anti-tax fervor. [...] The property tax is a levy on the value of the land, any improvements on the land (buildings, etc.), and in some cases, personal property that resides on the land. [...] The property tax is an important component of a tax system for a number of reasons: • Property tax is the most stable and predictable major tax system, especially in periods of slow economic growth.