What is the purpose of property taxes?

The primary purpose of property taxes is to fund public services and infrastructure. Property taxes provide the necessary funds for local governments to maintain and improve essential services, such as public education, emergency services, roads, public transportation, parks, and facilities. These taxes represent a critical revenue source for municipalities, ensuring they can meet the needs of their communities.

In contrast, establishing ownership rights pertains to the legal documentation and title processes rather than taxes. Similarly, regulating land use involves zoning laws and regulations set forth by local governments to manage how land can be developed or utilized, which is not directly related to property taxation. Last, controlling market prices relates to broader economic factors and market dynamics rather than the specific function of property taxes, which are largely based on assessed property values rather than an intent to regulate market pricing. Hence, the correct answer highlights the essential role of property taxes in supporting public services and infrastructure development.