What are property taxes?

1 answer


by fredrick , a year ago


Property taxes are taxes paid by property owners to the government, typically to the local government. These taxes are based on the assessed value of the property, which is determined by the government or local tax assessor. Property taxes are a major source of revenue for the government, and the funds collected through property taxes are used to fund public services such as schools, roads, parks, and public safety. The amount of property tax owed by a property owner is calculated by multiplying the assessed value of the property by the tax rate set by the government. Property taxes are usually levied annually, and failure to pay these taxes can result in penalties or even the loss of the property through foreclosure.