What Kind of Tax is a Property Tax?
Property tax is referred to as an ad valorum tax. An ad valorum tax is based on the value of the good or service or residence. The tax is typically billed on an annual basis and the property’s value may be reassessed periodically (usually every year).
Other kinds of taxes include excise taxes, such as sales taxes, and income taxes, which many of us know as the federal and state withholding taxes on many people’s weekly wages. Property taxes, though, are counted as ad valorum taxes and are determined at the county level in many states.
Micro current treatments Phoenix Arizona
However, it is vital to remember that the county assessors do not use an appraisal based on fair market prices when appraising a property for tax purposes. Moreover, even if the market value of a residence may fall, the tax value may increase, or the tax may rise, causing one’s tax bill to increase even in the face of a declining real estate market.
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