By periodically reassessing all properties, the tax burden is fairly and equitably distributed and adjusts as the local market values change.
If properties of different market value all pay the same amount of taxes, the burden is not fairly distributed and properties with a higher market value pay the same amount as those with a lower market value.
Property taxes are local taxes that pay for local services. The City government does not collect or use all of the property taxes. Rather, about 19% of property taxes paid are used by the City government.