Business & Finance Taxes

Property Taxes Information

By Business & Finance Last updated Friday, June/14/2024

Tax Assessment

U.S. property taxes are usually called ad valorem taxes---taxes based on the value of the property being taxed. To determine the value and apply a tax rate, the taxing authority or local government elects an assessor to examine each piece of property.

Tax Rates

Some property taxes are applied at a consistent tax rate. For instance, a tax rate might be expressed as a portion of the property value, such as $.50 for every $1,000 of property. At this rate, a property worth $400,000 would be subject to a tax of $200. Because tax rates are constant, the revenue from a tax varies with the value of the property.

Levies

A levy is form of property taxation that guarantees an amount of revenue and applies the tax rate necessary to meet that revenue target. If voters pass a levy, for example, they agree to be taxed however much is necessary to provide the approved amount of revenue.

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