Property taxation is universal, it is hard to find a country which does not levy a tax on its landed property. The best tax policy in the world is worth little if it cannot be implemented effectively. The level of tax yield of property has been below the expected tax yield due to assessment issue. The function of valuation is to ensure fair assessment of property owners. This paper examines the taxonomy of property tax with a view to understanding it composition and review the impact of valuation accuracy on property tax from existing literature. The study reveals the impact of valuation on property tax, indicating the effects of valuation accuracy on the amount of tax payable or receivable as the case may be. Valuation impact can be viewed as being accurate or inaccurate. When it is accurate the cost is low for the tax administration, low rate of avoidance and evasion, and provision and maintenance of municipal services, but the reverse is the case when it is inaccurate. The study recommends that tax authorities should engage qualified professionals in the assessment of property tax and that regulatory bodies should organise periodic training for their members