Real estate taxes also known as property taxes play an important part in generating the local governments' revenue which plays a crucial role in funding essential public services such as hospitals, schools, road maintenance and more.
Taxes are based on the assessed value of the property determined by the local assessors office. The assessed value of the property is multiplied by the local tax rate also referred to as millage rate which is set by he local government to meet their budgetary requirements. Although all residents are supposed to pay taxes, The local government offer tax exemptions and deductions to various groups such as senior citizens, veterans and individuals with disabilities. These incentives are designed to provide relief for the individuals struggling with their tax burden.
Conclusion :
Property taxes can be a burden to owners and therefore understanding how they work and various exemptions and deductions available can ease the stress. Errors in property assessment can lead to unfair tax bills causing disputes and legal challenges.