You can learn more about those exemptions - including what they are and where to apply for one - by clicking here. The amount of tax is determined by the tax millage rate.Īdditionally, you may (or may not) be eligible for a number of property tax exemptions. The tax is levied on the assessed value of the property which, by law, is established at 40% of the fair market value. The basis for ad valorem taxation is the fair market value of the property. Personal property is everything not considered real property and usually consists of inventory and fixtures used in conducting business. Real property is land and generally anything that is affixed to the land. Property taxes are the largest source of revenue to fund these services that you count on every day.Īll real estate and personal property is taxable unless exempted by law.
Your taxes also pay for services to oversee development, protect water and air from pollution, repair and build roads, and much more. When you call the Police or Fire department, play in a park, or eat at an inspected restaurant, you are using services paid for by your City property taxes. Ad valorem taxes, more commonly known as property taxes, are levied and used to fund City operations and maintenance.
0 kommentar(er)
