What is property tax?

A tax compliance paid on property owned by an individual or group of owner, such as a person or a corporation. Property tax is calculated by the local or regional government where the property is located and paid as per regulation and scheduled time.

Major Highlights

  • Property tax calculated by the local government, where the property is situated.
  • Property tax is based on the value of the property, which can be real estate property or in many jurisdictions and tangible personal property.
  • The calculation and regulation differs on the basis of private property tax and commercial property tax.
  • In case of this tax, the attributes may include property registration tax, income tax, municipality tax, and others.

How Does Property Tax Work?

The amount of property tax of someone is determined by multiplying the property tax rate by the current market value of the lands. Taxes are mostly calculated annually.

Almost all property taxes are imposed on real property, which is legally defined and classified. Real property includes the land, structures, other fixed buildings, ponds, canals, roads, and machinery, among other things.

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