Many people pride themselves on being property owners; but along with that privilege comes the obligation of real estate taxes. Also called property taxes, real estate taxes are based on the value of a piece of land and whatever type of structure that might be built on top of it. By calculating a number of factors together, a certified assessor can proficiently determine the value of a piece of real estate. Once this is done, a local tax rate is applied in the form of a percentage. Tax rates can vary from one area to another and are typically collected on an annual or biannual basis.
Real estate taxes are most often levied by the city or county in which the property is located. Depending on the area, these taxes can be easily reasonably priced or they can be surprisingly steep. Those properties located where the weather is good and has much in the way of commerce or tourism will have higher real estate taxes than unpopulated rural areas. Extensive records monitor any improvements made to real estate that may affect its value. The revenue collected from these taxes provides a number of local public services, programs and facilities such as schools, parks or even city wide trash collection.