What is Real Property Tax?
A real property tax is a local tax on the value of real estate. The property may be assessed at full value, which is presumablythe price that the owner could sell it for in the current market, or using some other valuation method.
The taxing agency, such as a county, city, town, or village, sets a tax rate, which is multiplied by the assessed value of eachproperty to determine the tax due on that property.
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