Real Estate Taxes
Real estate taxes, more commonly called property taxes, are based on the fair market value of the property including the land and improvements. Improvements can include buildings, homes, pools, and other immovable structures .Most communities perform a yearly property appraisal and then determine the amount of property tax due based on a valuation … Keep Reading → formula. These property taxes fund essential community services, schools and road repair. Another tax based on real estate valuations is the special assessment tax. These separate taxes fund specially defined community needs like a new community center or renovation of an existing park. Property taxes aren’t limited to the US. For instance, Australia has its property or land rate that is determined by the local council while India has a house tax on buildings. The UK currently has no tax on residential property. Increase your understanding of real estate taxes from these Hubs.
