Per "The Oxford Companion to American Law," the modern property tax "has roots in the feudal obligations owed to British and European kings or landlords." Feudalism was a medieval system in which noblemen owned all the land, while peasants or serfs paid them homage and fees for protection and to live on and work the land. In 2020, property taxes comprised 30% of all taxes collected by state and local governments. This portion varied from a high of 64% in New Hampshire, to a median of 30% in Arizona, to a low of 17% in Delaware. Economists generally fall into three different camps regarding who bears the burden of property taxes. All three groups agree that property taxes on owner-occupied housing are mostly borne by homeowners, and property taxes on land (but not necessarily housing located on the land) are mostly borne by landowners. However, there is much disagreement over commercial and industrial properties.