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Property Taxes

In fiscal year 2010, U.S. public schools secured, on average, 13% of revenues from federal sources, 43% from state sources, and 44% from local sources. The federal government raises most of its revenue through personal and corporate income taxes (exclusive of payroll taxes). State governments rely mostly on income and sales taxes, though states vary in their relative utilization of these taxes. In addition, more than 40 states have lotteries, and more than half of these earmark a portion of the proceeds for education. Alternatively, both dependent and independent school districts raise most of their local revenues through property taxes. Property taxes are taxes levied by governments on property (e.g., land and buildings). Dependent school districts are components of a parent government, such as a ...

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