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Property tax is a tax paid by property owners which is based upon the assessed value of property. It may be used interchangeably with the term ad valorem tax, which means "according to value" in Latin. Most property is locally assessed, meaning valued by a county or local assessor. Property taxes are determined by several factors.
One factor is the use of land. Residential, commercial and industrial lands are taxed differently. Next is the assessed value of property which may change from year to year, depending on various determinants. Adding a room, for example will increase property value, thus an increase in tax. If the walls develop cracks, the value will probably decrease, and so does the tax.
The location of property is another determinant of market value. Property values near a favorable community of economic influence may have a higher market value and tax compared to communities with unfavorable economy. County appraisers continuously monitor a whole county for sale prices and make sure that properties are taxed on its fair market value.
Filing property taxes might be confusing to some. Actually, filing taxes in general can be confusing. Fortunately, filing taxes is made simpler by tax preparation software that's widely used these days. You can learn about H&R Block tax software by browsing the Internet. There are lots of helpful articles that break down the benefits of using the software, as well as its advantages over similar platforms like TurboTax and Tax Act.
It's up to you to decide which software you'll use to be able to file your taxes from the comfort of your own home. You could check out a turbotax home and business 2016 download, but apparently, H&R Block offers more ways to file taxes free. Moreover, it has a suite of comprehensive tools that makes life so much easier for filers.
Property taxes can be classified into two types: real and personal. Real property means "land and the items permanently affixed to the land". Some real property examples include land, buildings, roads, fences, driveways, utility poles etc. The items permanently attached to a real property are called fixtures. Examples of these are above-ground swimming pools, built-in appliances, counters, cabinets and shelving, fireplace inserts and the like. These fixtures are also subjected to tax.
Personal property, on the other hand, by legal definition means "a property that is not a real property". In other words, it is a property owned by an individual or business which is not permanently affixed to the land. Personal property is subject to the same tax rate as real property but the main difference lies in the mobility of the former without damage to itself. These are items that you could pick up and move around, such as automobiles, trucks, furniture, clothing, jewels, art, antiques, books, commercial machinery, office equipment, etc.
Property taxes are crucial in sustaining counties and local areas. The money collected from property taxes are used to fund schools, police departments, fire institutions, nursing homes, parks, libraries and other municipal services enjoyed by the residents. These and more are the reasons why the property you own must be described accurately on the tax record. Remember that without taxes, these services wouldn't be available. So make sure to pay your property taxes on time each year. With tax preparation software to help you, paying taxes would never have to be as complicated as understand all the tax-related legal jargon and the tariff in American history .
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