What are property taxes?

Property taxes are a form of taxation levied by local governments on real estate properties. The amount assessed is based on the appraised value of the property, which is determined by local tax assessors. This value reflects the current market conditions and helps to ensure that taxes are equitable and in line with the property's worth. These taxes are typically used to fund essential services provided by the local government, such as public education, infrastructure maintenance, emergency services, and local administration.

The assessment process is crucial; it is intended to accurately reflect what a property would likely sell for in the current market. Property taxes can vary significantly from one locality to another, depending on various factors including local budgetary needs, community resources, and government services provided. Recognizing property taxes as based on real property value illuminates their purpose in financing local government services that benefit the community as a whole.