What typically happens to homeowners with higher valued houses concerning Local Property Tax (LPT)?

Homeowners with higher valued houses typically incur higher rates concerning Local Property Tax (LPT). LPT is a tax based on the market value of residential properties, meaning that the amount owed increases as the value of the home rises. The purpose of this structure is to ensure that homeowners contribute to local services in a manner that reflects the value of the property they own. Therefore, those with more expensive homes are assessed higher taxes compared to those with lower-valued properties, aligning the tax burden with property value. This ensures a fair distribution of the tax based on the ability to pay, which is a common principle in property taxation.