In my town, every house is given a big green dumpster for compost. Every 2 weeks the county Waste Management collects the compost and 'residual garbage' (the other week, they collect recycling only). Everything biodegradable goes into the bin - I mean everything - meat, bones, pizza boxes, wet/soiled paper towl, wax paper. They collect it and turn it into compost/black earth which they sell for $4/bag or something ridiculously low like $40/ton.
I dump it into a biodegradable bad and then into the compost dumpster. The neighbor was getting a little testy when I just dumped it unbagged into the bin - after a couple of days the smell was quite putrid and in the heat of the summer, squirming with maggots like you wouldn't believe!