Question

Thee calculation of property tax is based on the:

Answer 1

The property taxes that are being accumulated by the states and the federal governments serve as a major source of income. In most cases, these taxes come in the form of a percentage, where many different councils, boards and legislatures will decide the appropriate amount of tax revenue that needs to be raised. They will have a hearing on the budget to decide the amount of money that will be needed so that the government can cover its expenses with no financial challenges in the year ahead. The services that are normally funded by property taxes include: education, emergency services, transportation, libraries and parks as well as different recreational activities.

The way that property taxes are calculated would be through the use of the mill levy and the assessed property value.

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