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Property tax is rarely self-computed by the owner. The tax becomes a legally enforceable obligation attaching to the property at a specific date. Most states impose taxes resembling property tax in the state, and some states also tax other types of business property.
Land value tax in the United States. Land value taxation (i.e. property tax applied only to the unimproved value of land) has a long history in the United States dating back from Physiocrat influence on Thomas Jefferson and Benjamin Franklin. It is most famously associated with Henry George and his book Progress and Poverty (1879), which argued ...
The tax is levied by the governing authority of the jurisdiction in which the property is located. This can be a national government, a federated state, a county or other geographical region, or a municipality. Multiple jurisdictions may tax the same property .
The National Association of Counties maintains a list of property tax exemptions by state. Some exemptions relate to the property owner, others to the property itself.
Using data from the Tax Foundation, GOBankingRates ranked the states with the highest property taxes in America, including the percentage rate, the average dollar amount paid and the average home ...
Property taxes are an unavoidable part of the cost of owning a home, so it’s good to know what the funds are used for and where your money is going. State and local governments rely on property ...
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