In Russia – the annual tax paid by the owner of the property assessed as a percentage of the cadastral value of the property. In cities of the world, the property tax is often a major source of revenue for the city government. In most cities the level of the property tax is directly or indirectly related to the market value of the property. However, the level of property tax and specific means of calculating it vary substantially between cities. In the United Kingdom Business Rates are levied on tenants while no property tax is levied on property owners.