Owing Property Taxes on My Home
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UPDATED: Jul 16, 2021
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Property owners are subject to local property taxes. These taxes are typically collected by a County Tax Assessor. The payment of property taxes is sometimes added to a home mortgage payment by the company serving the mortgage for payment to the local tax collector.
Determining Amount of Property Taxes Owed
The usual method for determining the amount of taxes to be paid by the home owner is based on the assessed value of the property and improvements found on the property, If the property owner believes the amount of the assessed value is too high, he can appeal using actual sales of comparable property in the local area as evidence of the accurate value of his property. The amount of owed real estate taxes is deductible from the property owner’s income. For more information on valuations, read the Property Tax Law section on FreeAdvice.com.