Definition of Property Tax
What is a property tax? What is the definition of a property tax?
A property tax is a tax that is, in most cases, collected by a local government (municipality) and based on the assessed value of a property.
Property taxes are used to help keep the municipality running. This would include paying for general upkeep, fixing roads, etc.

For instance - let's say that your local government has a property tax of 1% (for the purpose of simplicity). The government will collect 1% of the total assessed value of your property each and every year.
So, let's say that your home is valued by the local government at $400,000. This would mean that your annual property tax bill would be $4,000 ($400,000 * 1%). This money would be used by the municipality to pay for repairs, city workers, etc.
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