This totally depends on the jurisdiction. In NYS, your taxing authority (town, school district) has some levy that is approved. Your share of the levy is roughly your property's assessed value divided by the total assessed value of properties in that taxing jurisdiction. There are some complicating factors like when a taxing authority like a school district spans multiple assessing authorities (like a town/city); but the basic concept is sound.

I was very surprised when I learned other places charge you some fixed fraction of the property value; and as that value goes up the budget of the municipality goes up.