Real Estate Taxation

Real estate taxation involves levying taxes on property owners based on the value of their land and buildings. These taxes fund local government services like schools, roads, and public safety. The amount owed depends on the property's assessed value, determined by assessors, multiplied by an tax rate called a millage rate. Taxes can vary by location and property type. Failure to pay can result in liens or even foreclosure. It's a key way communities finance essential services, with reassessments periodically adjusting for market value changes to ensure fair taxation.