By Jann Swanson | Mortgage News Daily
It seems that taxes on real property reflect not only the value of the property itself, but also how long the owner has held title. That was one finding of a study released this week by RealtyTrac, which it called its ‘first-ever U.S. Property Tax Rates Report.”
Property taxes are assessed and collected on local levels, usually counties but in some areas by towns. The revenue generally funds local government, roads, public safety and with the largest single expenditure generally going to the public schools. Localities use different methods for assessing valuations which results in difficulty comparing taxes among localities and sometimes even with the house next door.
