By Joe L. Fisher
YOUR WORLD OF TAXES:
UNDERSTANDING HOW PROPERTY TAXES WORK Shows like Fixer Upper and Good Bones on HGTV where homes are bought, renovated, and sold off for a profit have become such big motivators for individuals to own real estate. And while the benefits of being a property owner - wealth creation, income diversification, and the opportunity to leverage your investment - are great incentives, there is one factor that looms in the background: Property tax.
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roperty taxes are a prime source of income for governments - whether state or local - as they help to fund state budgets, including expenses on education, law enforcement, and other social amenities in the community. However, these benefits do not erase the fact that taxes can be such a nightmare for many property owners. And it need not be.
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Besides, while paying tax bills on time is a commendable act, without a proper understanding of the assessment process, i.e., how the calculations were arrived at, it would be almost impossible to notice when your tax assessment contains errors. To avoid this or determine how to handle such an eventuality, it is necessary to have a good grasp of property taxes. This breakdown will serve as a helpful guide.
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