Property Taxes

Property taxes are taxes assessed on real estate properties, typically based on the value of the property. These taxes are usually levied by local governments and are used to fund various public services, including education, Infrastructure, and emergency services.

Property taxes are generally calculated by multiplying the assessed value of the property by the local tax rate. The assessed value is determined by local assessors and may not always reflect the current market value.

Examples:

• A homeowner with a property assessed at $300,000 in a municipality with a tax rate of 1.25% would owe $3,750 in property taxes annually.
• A commercial property valued at $1,000,000 with a tax rate of 2% would incur a property tax bill of $20,000 each year.

Cases:

• In a case where a homeowner believes their property has been over-assessed, they may appeal the assessment to a local board of review.
• In some areas, property Tax Exemptions are available for certain groups, such as senior citizens or veterans, which can lower their tax Liability.