Business property taxes are a tax levied on the value of a business’s property or real estate holdings. While these taxes play a role in funding public services and infrastructure that benefit businesses and the community, they can also disproportionately impact lower-income people. When businesses are required to pay significant amounts in property taxes, they must find ways to pass on the costs to consumers through higher prices for goods and services.
This makes it more difficult for lower-income people, who may have less disposable income, to afford necessities. Additionally, business property taxes can impact the availability of jobs and services in low-income communities, exacerbating economic inequality and poverty.