Noted tax economist Frederick C. Stocker has observed that the property tax "resembles a structure designed by a mad architect, erected on a shaky foundation by an incompetent builder, and made worse by the well-intentioned repair work of hordes of amateur tinkerers." While that may still be a popular view, Glenn Fisher suggests that the actual history of this much-maligned tax should make us less inclined to such easy ridicule.

The frequent scapegoat of rebellious taxpayers, yet essential for the functioning of modern local governments, the property tax has a long and controversial...