What are property taxes?

What are property taxes? Every municipality levies an annual tax on most privately owned parcels of real estate located within their borders. These property taxes are based on two factors: the value of the land and the value of the structures on the land. The total of the two becomes the assessed value of the property and this value is usually re-evaluated every few years.

Property taxes are used to pay for public services like schools, fire and police departments, streets, lighting, public transportation, and parks.

Real estate taxes are paid in arrears. This means that the taxes that are paid are for the previous year:

If a property is sold, the seller is responsible for their current year's taxes up to and including the day of closing. The buyer is responsible for the remaining portion of the year.

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