How do property taxes pay for schools?
Property taxes pay for the budgets of many local services, including the public school system. Once collected, they are many ways in which property taxes pay for schools.FundingAccording to the Lincoln Institute of Land Policy, nearly half of the revenue generated from property taxes are used to fund elementary and secondary public schools.Property ValuationProperty taxes are paid by the owner of the property and is based on the current market value of the land and dwelling (if any) on that land. The greater the value of property in the area, the more money received by the school district.Assessor DeterminationA tax assessor will use many tools at his disposal to arrive at a fair market value of each home within his given area. Tax assessors are often government workers, but are sometimes contracted through private industry.Levied by Local GovernmentProperty taxes are usually levied by local governments, on the city or county level.
