Many provinces levy property tax on real estate based upon land use and value. This is the major source of revenue for most municipal governments. While property tax levels vary across municipalities, a common property assessment or valuation criteria is laid out in provincial legislation. The trend is to use a market value standard for valuation purposes with varying revaluation cycles. Multiple provinces established an annual reassessment cycle where market activity warrants, while others have longer periods between valuation periods. There are two types of property tax: annual property tax and land transfer tax.