[djhworld]

Not sure how it works in the US but in the UK you pay a stamp duty tax when your purchase a property, and then "council tax" on a monthly/annual basis which pays for municipal services like refuse, social care etc

Interestingly the amount of council tax you pay is tiered based on a valuation of the property in the 1990s.

[binarymax]

Yup, I'm a dual US/UK citizen. I equate council tax with property tax, the major difference being renters are liable for council tax as well, and in the states the property tax is usually built into the cost of rent. The property tax in the states is also based on the valuation of the home, updated by an assessor every 10 years or so. Interest rates are still universal for mortgages AFAIK.