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Property tax is based on one dollar per thousand on the value of a piece of property. It is called a millage rate. If your property is worth a thousand dollars and the government announces a millage rate of 1 then you pay a dollar in taxes. Usually it is more. Sometimes the School board will have a millage rate of 7, the city 4, the county 5, and others 6, so that makes the millage rate a total of 22. That means you pay $22 on your $1,000 piece of property. If your house is worth 100,000 your tax is 2,200. Check your millage rate.

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15y ago

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An example of a property tax is the tax that homeowners pay on their residential property to the local government based on the assessed value of the property. This tax is used to fund local services such as schools, roads, and public safety.


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How can one determine a home's property value?

To determine a home's property value one can vistit one of the following sites: Willow, Trulia and Realtor. On the Willow and Trulia sites you can simply type in your address and get an estimate on your home's value.


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A home appraisal may lead to an increase in your property taxes if it determines that your home's value has gone up significantly. This could result in a higher assessment value, which is used to calculate property taxes.


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To find out the current assessment value of your home, you can contact your local tax assessor's office or check your property tax statement. This value is used to determine the property taxes you owe.


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If it increases the value of your home, yes. If not, no.


Do property taxes changes when home value decreases?

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