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Even if you have never received a tax bill, you still owe any taxes due to you. As long as you are working legally in the United States and/or own property in the United States, you have the obligation to file your income taxes and pay your tax bill each and every year, along with any other applicable taxes for your state and your local community, such as property taxes.
→ Read MoreThe property taxes that you pay are used for a number of things such as road construction, the police and fire department, and organized recreation in your area. Fortunately, most or all of your property taxes typically remain inside your community.
→ Read MoreWhat types of property are subject to tax?
→ Read MoreProperty is classified according to how it is used. For example, a state may have multiple classes of property, all of which are taxable.
→ Read MoreIf you cannot pay your property taxes in full, you may have a few options available to you. In most cases, the regulations regarding your payment options for your property taxes depend on the local government in your area. Property taxes are set by your local government, and the local municipality controls the amount of interest or late fees that may be charged to you if you fail to pay on time.
→ Read MoreSometimes property tax rates can go up, even if property value does not. The likelihood of rising property tax rates combined with falling or steady home values can vary depending on what state you live in. Some state legislatures have the power to allow a rise in property tax even when home values decline. In many other states, mathematical formulas are used to decide the relationship between property tax rates and home values.
→ Read MoreIn most states, home owners can refuse to let assessors enter their property. There are even cases where homeowners call the police, and the assessors are arrested for trespassing. Many of these cases result in the prosecutor not pursuing any charges against the trespassing assessor, who is usually (but not always) a government official.
→ Read MoreThe main reason that an insurance company appraisal and independent home appraisal based on market value differ is because they look at two different things. The insurance company appraiser is focusing on assessing the replacement value of your home, and only your home or garage. If you have your home appraised to determine market value, then the appraisal is based on both the worth of the home and the land.
→ Read MoreBecause of the methods used to assess home values, changes in similar properties will affect your property value as well. One property sale does not really determine market value. The price you paid for your home will be verified, but then it will be pooled with sales of similar homes. The appraiser uses this collected information to determine your property value. Each state also uses a different system for how home values are verified. Some states allow a certain flexibility between individual home values in the pool.
→ Read MoreTax laws on property tax vary from state to state. Not all property is taxed. There are enormous differences in taxes on property types in different states. Some states have high taxes on real property (land, homes, houses, apartments, commercial property) and some have low real property taxes. While six states do not have income taxes, there is no single state that gives up the right to collect a property tax.
→ Read MoreFind the right lawyer for your legal issue.
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