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Real Estate Tax |
Property Taxes in the US are not levied by the states but by the local governments within the state, which could be cities, counties, townships, school districts, special districts and other assessing jurisdictions. The role of the state is to supervise the property tax assessment at local levels and ensure that the task of property appraisal is performed according to the property tax laws of the state. The state may also specify the maximum rate on the fair market value of the real property.
Many states provide certain tax benefits to taxpayers through several property tax relief programs. These property tax relief programs could be either in the form of property tax credits or homestead exemptions. Property Tax Exemptions are also provided for senior citizens and physically handicapped. You can also avail of benefits, such as Property Tax Reductions, Property Tax Freeze and deferral of taxes provided that you meet the qualification standard set for each of these. There may be individual property tax relief plans by a county or a municipality also.
Homeowners or retirees with low incomes are specially treated through property tax reform in some states. A special program called "Property Tax Circuit Breaker" is found in such states to protect targeted people from rising property taxes. Under a property tax circuit breaker, a maximum percentage of income is set for an eligible family. The property taxes are calculated on the basis of this limit. |
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If the property tax exceeds this limit, the taxpayers are provided with a property tax rebate or property tax credit by the state. As property tax laws are not the same for each and every state of the US, we find a great variety in different aspects of property taxes throughout the state. The accurate information about property tax rate, assessment procedure, exemptions, relief programs, property tax sales, etc can be had only if we treat each state separately.
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