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Categories: General Tax Terms

Property Tax is a tax assessed on real estate properties by local governments, typically based on the value of the property.

Property taxes are usually calculated as a percentage of the assessed value of the property, which may include land and any structures on it. The revenue generated from property taxes is used to fund various public services, such as education, infrastructure, and emergency services.

For example, if a home is assessed at $200,000 and the local property tax rate is 1.5%, the property owner would owe $3,000 in property taxes for that year.

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