Property Taxation

Property taxation is a system where local governments levy taxes on real estate properties, such as homes and commercial buildings. The tax is typically calculated based on the assessed value of the property, which considers factors like location, size, and market conditions. Property taxes fund essential services like public schools, road maintenance, and emergency services. Property owners are usually required to pay these taxes annually, and the rates can vary significantly depending on the jurisdiction. Failure to pay property taxes can result in penalties or even foreclosure.