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How Are Property Taxes Determined?

Jan 21, 2008
Those who own properties pay taxes for their properties every year. The tax rates are always determined by the local governments of your area in which you live and depending on the needs of the municipality. Sometimes, the rates of these taxes are assessed using the mill levy. At times, one mill is equivalent to one US dollar of the property assessed.

To determine the estimated amount that one has to pay for his or her property, you need to ask the value of appraisal of the property you ant to determine the tax. When you multiply the appraised value by 11or 11.5 percent for homes or properties that belongs to you and commercial/industrial properties you multiply it by 24 or 25 percent depending on what the local government of you municipality has decided. So, if you look carefully, you will discover that people pay property tax depending on the area in which they are and the budget of that locality. E.g. those living in Georgia will not pay the same tax as those in New York .

If you own any property, take not that only two things can determine the amount of tax you have to pay for that property. That is, the tax rate given by the government of that locality and the value of your property also counts.

The kind of property to be assessed that is the real property may be looked upon as land or any permanent structure. For example, we can consider vacant land, buildings that occupies offices, houses, farm lands etc. Not all real properties are taxable, properties such as properties owned by the government of that locality or any religious properties.

The assessment of a property is usually based on the value that the property will sell. And this assessment is done by assessors who are appointed or elected by the local government of that locality. Take note that, if your assessment value is equal to the selling price of you property, then know that your assessment has failed.

For a tax rate to be final, it must be divided to the different municipalities. An apportionment may occur if you are having you property in two different cites or towns.

Your property tax increases when, the budget of the local government in that locality has been increased or when the value of assessment has also been increased.

If your business is in a historic building or the building is of great importance, this may case you to pay low or high property tax to the local government of your area. Some governments will tax businesses in historic buildings to pay high property tax, while others will not demand high.

The issue of property tax has made many business people not to increase their properties because, there are afraid their property tax will be increased. But, for the case where you are a homeowner and like to improve on your house, the property tax will not be increased. So homeowners can improve on their homes without paying more property tax.
About the Author
Eric Mabo is an Atlanta foreclosures Expert. He helps people find discounted real estate deals. His Website is http://www.doyenrealty.com
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