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Property Taxes at a Glance

Property Tax

Property Tax

Property taxes are a form of ad valor em tax that an owner of real estate property pays to the varying forms of government within the particular properties jurisdiction. The owner of the property pays the tax in accordance with the value of the property, which is determined through an appraisal and assessment process. The funds collected through the property tax are used to fund public services within a community, such as education, law enforcement agencies, parks, roads, and other public goods.

Capital Gains on Property Tax

A capital gains tax is charged on the profit realized from the investment of an asset. This tax extends to the transfer or sale of property. The rates associated and the various rules applied to the capital gains tax will vary based on the party in office and the particular President's economic package.

NEXT: The 3 Factors in a Property Tax Appraisal

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