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Many counties have a real property tax that is imposed on the ownership of real estate located within its boundaries. Real property tax is typically imposed upon the assessed value of the real property and typically set as a percentage of the most recent purchase price paid for a parcel of real property. Real property taxes are imposed and collected at the local level.
→ Read MoreIn addition to federal taxes, each state and some counties impose their own set of taxes. States and counties can impose personal property tax, business property tax, or other taxes on goods or services. The types of property, goods, or services that are taxable vary by state and county.
→ Read MoreProperty taxes are charged to landowners by local governments, essentially requiring that homeowners pay for the privilege of having land in a given area. The purpose of property taxes is to pay for the necessary infrastructure that keeps towns and cities operating efficiently. Typically property taxes will support the local police and fire department. Property taxes also generally pay for the public school system; this may be included in your general property tax bill or you may receive a separate bill for “school taxes” depending on where you live.
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