What Is Property Tax?
Property tax is a levy issued by a government on a person’s real or personal property. The property is assessed to give it a value, and then that value is taxed. The amount of property tax owed is determined by multiplying the fair market value of the property by the current tax rate. The amount taxed on a given property may change over time based on a reassessment of the property’s value. Typically, property tax is not increased as the value of the home naturally increases; the value of the tax generally remains based on the value of the property at the time it was purchased. Major improvements, however, like building an addition to an existing home, or building a home on a vacant piece of land can trigger reassessment and therefore an increase in the property tax levied. Property tax laws vary by jurisdiction; to be sure of those laws that apply to a particular property, one should consult the appropriate regulatory board or a professional in the field. Property tax payments are due
Property tax is a tax that is imposed on persons because of their ownership or possession of property and is measured by the market value of the property. In Washington State, all real and personal property is subject to tax unless specifically exempted by law. Property tax was the first tax levied in the state of Washington. Today, property tax accounts for about 30 percent of total state and local taxes. It continues to be the most important revenue source for public schools, fire protection, libraries, and parks and recreation.
Property tax is a tax based on the value of real property. Counties, cities, towns, villages, school districts and special districts each raise money through the real property tax. The money funds schools, maintains roads, pays for police and fire protection, and other municipal services enjoyed by homeowners.
