How Do Back Tax Foreclosures Work?
Tax Assessments and Bills When a property is initially bought or sold, an assessment is made on the property to determine its state equalized value. This is typically done by a county assessor’s office. The county deals with taxes and bills and then reports data to the state or treasury department. The state equalized value determines classifications of property and their worth compared to nearby areas. The assessment is important for state by state statistics and overall budgeting. The information is recorded yearly as a part of the property’s permanent tax record within the county in which it is located. The value can increase as the property’s value increases due to improvements or area prosperity. An increase or decrease in an assessment will help determine the taxable value and the amount of taxes due for the year. Most states and counties have winter and summer tax bills but some communities have spring or other tax bills they incorporate throughout the year. Most tax bills are s
