You’re probably thinking about the property tax; what is it? Why should I pay for it? What happens if I don’t pay? Where can I find my property tax account number? It’s too much to take in; take it, easy buddy, I got you. You can always find your property account number at the top section of your property tax bill.
To know more about property tax, it would help if you read on.
What is Property Tax?
According to Investopedia, Property tax is paid on property owned by an individual or other legal entity, such as a corporation.
Any property owner pays property tax. The tax is measured based on land value.
Why should I pay for Property Tax?
It’s okay to feel this way. You acquired property, and now you have to pay property tax too. Does the spending ever stop? I don’t think so, except if you move to artic. Property tax, like all taxes, is government imposed and is directed towards assisting public service. You want to pay the tax to avoid having a head-on with the law.
What happens if I don’t pay my Property Tax?
Trust me; you don’t want to do that. If you do not pay your property tax, you could lose your home or property. Who will sell your home or property? The taxing authority can.
Where can I find my Property Tax Account Number?
You can always find your property account number at the top section of your property tax bill.
How do I calculate my Property Tax?
Paying for property tax doesn’t just cut it; you need to know how they are calculated. This way, you are kept on your toes and know when you are being overcharged.
You can calculate your property tax by multiplying the assessed value with the mill rate. Usually, property taxes are measured with the property value.
How is Property Tax Assessed?
There are different ways of assessing property tax for different properties. An empty property with a low value would have a lower property tax. The person that evaluates the property is called a property assessor. The total assessed value of your land is based on the value and improvement of your property.
Another example would be if a property has access to certain public services like water, sewer, and gas, the assessment could be high. Suppose the property assessor feels that the property can be developed. In that case, that may mean a higher property tax for the property owner.
There are several factors to be considered when assessing a property. Some of those factors include size, the quality of materials used, and design, amongst others.
What is a Mill Rate?
The mill rate, also known as the millage rate, is used to measure the property tax by multiplying it by the property value.
According to Investopedia, the millage rate represents the amount per every $1000 of a property’s assessed value.
The government is responsible for setting the millage rate every year for different classes of properties.
What is my Property Tax used for?
The government uses the property tax to improve the public services for its people. It might interest you to note that your tax goes into keeping a healthy and safe environment.
Below are some of the services your property tax goes to;
Fire servicesTransportationLibraries Law enforcementGarbage disposalWater and sewageRoad maintenanceHighway constructions
These, amongst others, are part of the noble causes you help handle with your property tax. Not all heroes wear capes; some pay their property tax.
No. You pay your fair share by paying your rent to your landlord. The responsibility falls on the property owner – in this case, the landlord to pay the tax.
Each year, the government is in charge of sending a tax notice mail to all assessed owners listed on the assessment roll.
Not really. When a public property assessment takes place, the mill rate usually decreases.
Yes, you can. One trick to lower your property tax bill is not to add any significant changes to the building or property. It is assumed to increase your property tax value if major changes are made in the building.
You can call the building or tax services to know what the cost of an upgrade to your house will add to your property tax.
No human is perfect. The property assessor can make errors; when noticed, you need to contact the property assessor quickly to rectify and make the necessary changes.
Some states reduced the property tax for people living with disabilities, war veterans, and seniors.
