Real estate tax property tax

The terms real estate taxes and property taxes, are often used to mean the same thing. The problem lies specifically with the term property taxes. Property taxes can refer to both personal property taxes and real estate taxes. There is a big difference, though, between what the government considers real and personal property.

Real estate taxes are assessed on most privately owned properties in the United States. Some communities (remote areas of Alaska, for instance) do not impose taxes on real property. The revenue generated from real estate taxes are used to help pay for local services like road maintenance, snow removal, public schools and the operation of local government offices. Real estate taxes are calculated as a percentage of a property's tax assessed value. Sometimes local levies that pass by majority vote are attached to real estate taxes.

The IRS considers a house and the land it sits on as "non-movable" property. Barns, garages and other outbuildings also are non-movable. Personal property, however, includes items that are movable, like vehicles, livestock and furniture. The general determination of whether something is considered unmovable is if the item would be damaged if it were moved. Walls in a home would be damaged if they were moved, so the home is not considered personal property. But most objects inside the home (like furniture), would not be damaged if moved, so they are considered personal property.

If you live in a mobile home as your primary residence, you might assume that you pay annual real estate tax on it. However, because mobile homes are movable (that is, they are not affixed to the ground like a traditional house), they are assessed a personal property tax, but not a real estate tax. Most municipalities that impose real estate and personal property taxes also offer various exemptions—for instance, for widows, disabled persons and families of combat military personnel.

Micah Rubenstein has been writing professionally since 1985. He was the editor of the online publication GrailWorld Magazine, the host and producer of the weekly "Message In Music" radio series and a former professor at Kenyon College in Gambier, Ohio. He teaches at Columbus State Community College and Granite State College in New Hampshire. He holds a Bachelor of Arts in music from Brown University.

The tax is administered at the local government level. Many states impose limits on how local jurisdictions may tax property. Because many properties are subject to tax by more than one local jurisdiction, some states provide a method by which values are made uniform among such jurisdictions.

Property tax is rarely self-computed by the owner. The tax becomes a legally enforceable obligation attaching to the property at a specific date. Most states impose taxes resembling property tax on vehicles registered in the state, and some states tax some other types of business property.

Most jurisdictions below the state level in the United States impose a tax on interests in real property (land, buildings, and permanent improvements) that are considered under state law to be ownership interests. [3] Rules vary widely by jurisdiction. [4] However, certain features are nearly universal. Some jurisdictions also tax some types of business personal property, particularly inventory and equipment. [5] States generally do not impose property taxes. [6]

Many overlapping jurisdictions may have authority to tax the same property. [7] These include counties or parishes , cities and/or towns , school districts , utility districts , and special taxing authorities which vary by state. Few states impose a tax on the value of property. The tax is based on fair market value of the subject property, and generally attaches to the property on a specific date. The owner of the property on that date is liable for the tax. [8]

The amount of tax is determined annually based on market value of each property on a particular date, [9] and most jurisdictions require redeterminations of value periodically. The tax is computed as the determined market value times an assessment ratio times the tax rate. [10] Assessment ratios and tax rates vary among jurisdictions, and may vary by type of property within a jurisdiction. [11] Most jurisdictions' legislative bodies determine their assessment ratios and tax rates, though some states impose constraints on such determinations.

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The Tax Collector is part of Miami-Dade County's Finance Department. We collect current and delinquent real and personal property taxes, special assessments for all local taxing authorities, local business tax receipts and convention and tourist taxes. We act on behalf of the State of Florida to issue automobile, boat, hunting and fishing licenses.

2017 1st Quarter Tax Bills
This serves to notify that approximately 21,759 1st Quarter installment tax notices were mailed on Wednesday, May 31, 2017. Payment must be received in our office by the deadline of Friday, June 30, 2017. Postmarks will be honored.

2016 Delinquent Taxes
Taxes become delinquent on April 1, 2017. Delinquent taxes must be received in our office by May 31, 2017. Postmarks will not be honored for delinquent taxes. Acceptable Forms of Payment for Delinquent Taxes: Cashier's Check, Money Order, and Cash Payments (Accepted in Public Service Office).

Real Estate Taxes vs Property Taxes  Home Guides  SF Gate
Real Estate Taxes vs Property Taxes Home Guides SF Gate.
Property tax in the United States  Wikipedia
Property tax in the United States Wikipedia.
MiamiDade County Tax Collector
MiamiDade County Tax Collector.
Whats the difference between real estate tax property
Whats the difference between real estate tax property.
Real Property Tax Service  New York City
Real Property Tax Service New York City.

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