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What Are Property Taxes?

Property taxes are necessary and anyone that owns a home or property must pay them. There are different taxes in regards to the property that is owned. For instance, there are specific property taxes for improvements to land which are properties that are man-made and cannot be moved which usually include buildings, then there are specific property taxes for land properties, there are also certain property taxes for personal property which include man-made properties that are able to be moved, and then other property taxes for intangible properties which are incorporeal properties. A special assessment tax is not the same thing as a property tax, a special assessment tax is a charge that is enforced by the government in regards to public projects that include any type of real estate parcel. Property taxes are usually stated in a percentage form and can be calculated simply by taking the entire assessed property value and then multiplying that by 1,000. Along with percentage rates, property taxes are given in the form of per mil which is the rate in thousandths. The reality is that property taxes are not the same in every country and each country has different rules and regulations for property taxes. For instance, the country Greece has 5 different property taxes, while the country Australia has property taxes that are referred to as property or land rates. Countries such as Hong Kong has a property tax that is actually classified as an income tax and in the United Kingdom, there is no property taxes on residential properties. In the United States, property taxes are determined by the government, either at the municipal or county level. The property taxes in the United States are usually around .2% to .4% of the value of the property or home. Property taxes in the United States go to the supporting of things such as free medical care, police, fire, schools and much more READ MORE