Assessments are certified by the Department to local governments where they are converted into property tax bills by applying the appropriate property tax rates. An assessment is based on an appraisal of the fair market value of the property. An appraisal is an estimate of value. There are three accepted approaches to market value:
While differing in the method of calculation each approach is designed to indicate the property’s fair market value. The property tax is primarily a local government revenue. Counties and cities depend on the property tax and a portion of the income tax to make up their budgets. View the current Real Property tax rates in your area.
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