Property tax is a levy on certain types of physical property, such as homes, real estate and land. Local governments typically assess property tax, and the property owner pays the tax. The amount of tax due depends on the property's location and how much it’s worth. Local and state gov...
Property taxes are calculated by multiplying the mill levy by the assessed value of the owner’s property. Different property types have varioustaxes assessed on the landand its structures. Vacant land will have a significantly lower assessed value and lower tax bill than an improved property. The...