From NAR
NAR offers a consumer guide on property taxes, explaining their role in funding local services and their impact on homeowners.
Key Points:
- Purpose of Property Taxes: Property taxes fund essential local services such as law enforcement, fire departments, and education.
- Calculation Factors: Taxes are based on a property's assessed value, with rates varying by location and influenced by factors like home size, location, and market conditions.
- Tax Variations: Property tax rates differ across states and municipalities, affecting the overall cost of homeownership.
Understanding property taxes is crucial for homeowners to manage expenses and make informed decisions.
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