Ali Ata on Property Taxes: How Are They Assessed?

 

Ali Ata on Calculating and Assessing Property Tax

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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 assessment and more taxes for the property owner, adds Ali Ata. The amount taxed on the property comes from a percentage of its assessed value.

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According to Ali Ata, property taxes are a major source of tax revenue for counties and cities. The councils, boards, and legislatures regularly meet to decide the appropriate rates. Budget hearings are held to determine how much money needs to be allocated for various services required by the local community. Ali Ata points out that these services—such as transportation, education, emergency, recreation, parks, and libraries—are funded by property taxes.

In 2018, the Tax Cuts and Jobs Act placed a cap of $10,000 per year (or $5,000 for married couples and filing separately) on federal deductions for state and local taxes. This figure includes all real income, real estate, and sales taxes on the property.

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