Property Taxes
Whether you are buying or selling your home, one of the most important aspects of home ownership is having an understanding of the many facets of property taxes. Much like anything in life, your ability to take advantage and avoid exploitation will be based on how much you know about the issue. A common saying is that the only thing certain in life is death and taxes. This is certainly true with property ownership, as property taxes will be applied annually on your property.
Understanding Property Tax
For your advantage, we have created a comprehensive list of answers to the most common concerns that individuals have related to property taxes. Property taxes are essentially a government levy that is applied on properties based on the property's market value. Property tax is determined by the tax rate multiplied with the assessed value of the taxpayer's property holdings. The market value of your property or home is assessed by the county assessor's office. Property taxes play an important role in government revenue and it is in fact the primary source of revenue for municipal governments. State governments also receive a small portion of the collected property tax at a rate of one cent per $100 of assessed property value. However, municipal governments, for the most part, benefit from the revenues accumulated through property tax.
Consequently, if you have any questions regarding property taxes you are in the right place. Whether you are attempting to find information about the deductibility of property tax or wonder how property taxes work in general, you are at the right source. We have the answers for your questions about the technical details of property tax and also will be able to help you understand the processes available to you in situations where there has been an error in the government's collection and assessment of your property tax.
