What is Property Tax?
What is Property Tax?
If you own a property, local governments will charge you a yearly property tax to cover police, school, sports arenas, street maintenance, business development and tons of other things.
The property is usually based on a percent of assessed value of your property. For example, if your house is assessed at $500,000 and property tax is 2 percent, then your tax bill would be $10,000/year.
The tax bill can be substantial, so make sure to add property tax to your budget and calculation when calculating total expenses for the home your are considering.
PS. The property tax you paid is usually tax deductible, so don't forget when you are doing your tax return. Real Estate Property Tax Deduction will probably reduce your tax bill.
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