State and Local Property Tax

State and local property tax is a levy imposed on real estate by governments to fund local services such as schools, roads, and public safety. Property owners are assessed a value for their land and buildings, and the tax is calculated based on this value, usually expressed as a percentage (or millage rate). Property taxes are typically assessed annually, and the revenue generated supports important community services. Each state and locality has its own rules regarding assessment rates, exemptions, and deadlines, impacting the overall tax burden on property owners.