Ali Ata on Property Taxes: How Are They Assessed?
Ali Ata on Calculating and Assessing Property Tax images.pexels.com Every year, homeowners pay property taxes, says Ali Ata. Property taxes are levied by counties, cities, and school districts on the properties within their boundaries. In order to calculate property taxes, all the levies are added together to get the total tax rate—also known as a mill rate—for a region, Ali Ata explains. The total tax rate is multiplied by a property's assessed value, so people with more expensive properties pay more. Assessing Property Tax Various property types have different types of tax assessed on the land and its structures. For instance, vacant land will have a lower assessed value than a similar property with structures, resulting in lower property taxes. If there is access to public services, such as water, gas, and sewer, then the land assessment might be significantly higher. If the assessor thinks that the land has the potential for development, it could lead to a much higher ass...