Property Taxes in the United States

Property taxes in the United States are taxes levied by local governments on real estate property owners, based on the property's assessed value. These taxes fund public services such as schools, police, fire departments, and infrastructure. The amount owed is calculated by applying a local tax rate, often expressed as a percentage or mill rate, to the assessed value of the property. Assessments are typically conducted annually or periodically by local authorities. Property taxes vary by location and can influence property ownership costs, making them an essential consideration in real estate and local government financing.