Property taxation can have a significant impact on investors’ decisions. In Russia, it is actively used to regulate the economic activity of business. On the one hand, the tax burden increased due to the transition to the taxation of the cadastral value of property, with the abolition of a number of federal benefits. On the other hand, the burden on the active part of fixed assets has been reduced due to the exemption of movable property, the provision of other benefits. In this regard, it is relevant to analyze the impact of property taxation on the main indicators of investment activity of organizations. The hypothesis of the research: property taxes have a significant impact on the investment behavior of business, which depends on the specifics of the industry and the fixed capital used in it. The objective of the study is to assess the impact of property taxes on the investment activity in the Russian Federation at the macro level and in the context of key economic activities. The analysis of influence of property taxes on the gross investment indices of different levels was carried out for the years 2006–2021. The analysis by types of activities was conducted for 2011–2021. The methods of economic and correlation-regression analysis were used. The conducted study provides empirical evidence of cause-and-effect relationships between property taxes from organizations and investment in fixed capital in Russia. The tendency of insignificant (1-2%) outstripping growth of investment in the active part of fixed assets in comparison with payments on property taxes was revealed. A strong direct relationship between the aggregate indicators of property taxes from organizations and investment in fixed capital was revealed. However, it is not confirmed in the context of types of economic activity. A significant inverse relationship is established between property taxes and investment in fixed capital in the sphere of electricity, gas and steam supply, as well as transportation and storage. Manufacturing industry, construction, agriculture and forestry received a positive effect from the abolition of the tax on movable property. The contribution of these industries to property taxes is much smaller than their contribution to fixed capital investment. The results obtained can be used in the development of tax incentives for investment activity of organizations.