How are individual tax bills figured?

RISMedia's Real Estate Information Network Member Directory

How are individual tax bills figured?

Unlike the income tax and the sales tax you pay, the property tax is not based on how much money you earn or how much you spend. It is based solely on how much the property you own is worth. The real property tax is an ad valorem tax, or a tax based on the value of property. Ideally, the owners of property of equal value pay the same amount of property taxes, and the owners of more valuable property pay more in taxes than the owners of less valuable property. The tax is calculated using a variety of formulas and is based on a property’s assessed value – its full market value or a percentage thereof – and the tax rate of the taxing jurisdiction, minus any property tax exemptions, such as those offered for the elderly or veterans.

Join RISMedia on Facebook and share your views on this topic. Visit www.facebook.com/rismedia to continue the conversation!

Looking for fresh, daily content for your blog, newsletter or website? REsource Real Estate Content Solutions provides access to thousands of RISMedia articles and videos starting as little as $9.95 per month! Visit resource.rismedia.com now and get publishing today!

RISMedia welcomes your comments and questions. Email realestatemagazinefeedback@rismedia.com.