A quick overview of property taxes
Property taxes are fees levied on privately-owned property such as real estate and vehicles, with the amount charged depending on the property’s value. Property taxes are generally the primary source of revenue for state and local governments, and support several government services including the local school district, public safety departments and road maintenance.
Each state has its own set of property tax guidelines; however, property taxes are calculated by taking a percentage of the property’s value, called the assessed value, and multiplying it by the local tax rate. The tax assessor is the person who determines each property owner’s tax bill.
If you still have a mortgage, you likely are paying a portion of your taxes each month as part of your mortgage payment, which goes straight into your escrow account. When your tax bill comes due, your mortgage lender pays it for you.