WHAT FACTORS ARE CONSIDERED WHEN CALCULATING PROPERTY TAXES?
Property taxes vary depending on the location of the market, the zoning of the properties, the affluence of the area, whether the property is improved i.e.: whether there is a building on the property, the needs of municipality and whether the municipality has a large commercial tax base. Owners in municipalities that have large shopping centers or a number of industrial parks, for example, generally have lower real estate taxes than owners with comparable properties in municipalities that are mostly residential. Within a market, property taxes will vary based on the type and frequency of reassessments. Taxes also vary depending on the factors mentioned above in the explanation of how often property taxes are recalculated.
