property tax rates

Property tax rates are percentages used to determine how much you owe annually based on your property's assessed value. Local governments assign a value to your property, then apply the tax rate (often expressed in mills or percentages) to calculate your tax bill. For example, a rate of 1.5% means you'll pay $1.50 for every $100 of assessed value. These funds support services like schools, roads, and emergency services. Rates can vary depending on location and property type, and they are usually updated annually through local government budgets and assessments.