In the United States, property taxes are generally levied by state or local governments. There is no federal property tax.
Real Property vs. Personal Property
As a general rule, real property taxes are imposed by municipal or county governments, with owners of property paying a percentage of the assessed value of the property. The assessed value customarily includes the value of the land and the value of any improvements on the land, including residences, businesses, outbuildings and other structures. The fair market value of the property is usually set by a municipal employee, known as an assessor, but property owners can always challenge the amount of the assessment. The assessed rates vary from municipality to municipality, with voters typically determining the percentage of a property tax.
Related GetLegal.TV Videos
What Is a Misdemeanor? Is a Misdemeanor a Crime? What Are the Consequences of a Misdemeanor Convicti…Read More 24 Dec 2020, Thursday
How Easy Would It Be to Abolish the Electoral College?
What Would Be Required to Change How Presidents Are Elected? The unique method by which the United S…Read More 03 Dec 2020, Thursday
The 25th Amendment to the United States Constitution Is in the News
The Constitutional Process for Replacing a President Who Lacks Capacity to Serve The United States C…Read More 15 Oct 2020, Thursday