With the tax season upon us, as homeowners we are reminded of all the taxes we pay on our properties. But what exactly are property taxes? Are there any tax breaks for homeowners? Below you will find useful tax information that may help you should you own a property or plan on buying one this year. PROPERTY TAX Property tax (also called millage tax) is specifically a levy on the value of a property. Property tax can be levied by a number of governing authorities: the national government, a state, county, geographical region or municipality. In the United States, it's very likely that your property will be taxed by a number of jurisdictions, most likely by your local governments (city or town, and the county you live in - but this is specific to each state). With multiple jurisdictions taxing a property, property tax is generally referred to as property taxes because of the combination of taxes. Property taxes are calculated based on an appraisal of the monetary value of a...
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