Property tax is a fundamental local government levy on real estate, assessed to fund essential public services. This crucial revenue stream supports schools,...
Property tax is an annual tax levied by local governmental bodies on real estate, including land and any structures on it, to generate revenue for public services.
It is generally calculated by multiplying a property's assessed value (often a percentage of its market value) by the local tax rate, also known as the millage rate.
Property taxes are a primary funding source for local services such as public schools, police and fire departments, road maintenance, parks, libraries, and other municipal infrastructure.
Yes, homeowners typically have the right to appeal their property's assessed value if they believe it is inaccurate or disproportionate to similar properties in the area. Deadlines and procedures vary by jurisdiction.
Many jurisdictions offer exemptions that can reduce a property owner's tax liability. Common exemptions include homestead exemptions, senior citizen exemptions, veteran exemptions, and disability exemptions, depending on local laws.