Property taxes and business taxes are levied by counties and municipalities to pay for all sorts of local schools, services, and resources. As in the UK, you get what you pay for. Perhaps Americans are more used to the idea that the money to pay for all the services they use has to come from somewhere, amd because of the federal / state/ county/ township/ municipality structure, local control is guaranteed. People vote for the county assessor and all of the other officials whose competence makes a difference in their lives, and therefore these officials are accountable. There is a huge degree of local control over the purse strings in the US.
Property taxes provide what residents are willing to pay for on local and county level - local libraries, great SEN provision, police, schools, parks and park district services, public pools, tennis courts, basketball courts, beach volleyball courts, playgrounds, forestry/ tree care, animal control, public health department, streets and sanitation, and building code enforcement, and on the county level water reclamation/ sewage treatment, sheriff dept, courts, public health departments, county jails, county hospitals, and much, much more.
People pay for what benefits them and what benefits others. Ultimately, a municipality that boasts great public services and schools and has a good reputation for public safety is one where your home will likely appreciate in value.