In the United States, property taxes, which are generally assessed on moveable assets like land and buildings, are a crucial source of funding for state and municipal governments.
- Property tax or millage rate is the name for an ad valorem tax based on the value of a property. The tax must be collected by the regional government in the area where the property is situated. A town, a county, a federated state, or the federal government are all examples of this.
- The assessed value of the owner's property is multiplied by the mill levy to determine property taxes. The assessed value provides an estimate of your home's fair market worth. It is based on the current situation of the neighborhood real estate market.
Thus this is the meaning property tax.
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