What Is Property Tax Used For ?  

Property tax is the tax, which is the duty charged by the government on an individual’s possession. The present estimate of the possessed property is calculated and the due tax is calculated with the present rate. This tax varies according to various jurisdictions in which the possessed property lies.

This calculated tax changes every time the property possessed is re evaluated. The rate at which property tax is charged is not in proportion with the rate of increase of the property. Incase of certain changes, alterations and constructions in the existing property the property is liable to be reassessed and accordingly the property tax might get affected accordingly. The property taxes or commercial tax as some times referred as are to be generally paid annually with certain variations in some cases where it is required to be paid quarterly in monthly installments.

Property tax is often referred to as realty tax as it is associated with the word real estate and often taxed against it. It can also be termed as ad valorem tax as it is levied next to value. Personal property tax is charged for owning certain possessions such as automobiles, motorbikes, campers and boats etc.

The revenue gathered from property taxes are used by the government for its administration and for expenses incurred on law enforcement officers, firefighters and paramedics. Some portion of it is utilized for funding the local courts. Certain community programs, parks, civic centers, libraries and schools are also funded from property tax collection.

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What Is Property Tax Used For

What-States-Have-No-Property-Tax      There are few states in the United States which do not impose any income tax such as Wyoming, Washington, Texas, South Dakota, Nevada, Florida and Alaska. There are also states who charge income tax on the amount received from interests or dividends like New Hampshire and Tennessee. More..




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What Is Property Tax Used For ? )
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