Property tax is levied at the local government level, which can be a municipality, school district or other taxing authority. The same property can be taxed multiple times by different authorities. The assessment is where the value and type of your property is determined so that the appropriate amount of tax can be levied. The assessment lists the property value based on the land and the improvements done on site. There are a few things that real estate investors need to keep in mind when it comes to property tax.
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The property tax appraisal sent to you will include a valuation for your property and the tax you owe on it. At this point, the most common response is to pay the tax. Some property types, such as land and buildings used by registered charities and non-profits involved in community welfare can apply for exemptions. This includes churches and other places of worship. Homesteads exemptions are available for your principal residence. Exemptions may also be provided to seniors or to those with disabilities. If you disagree with an assessment, you have the option to file an appeal or seek a reassessment.
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Did you know?
A 501(c) non-profit may still have to pay property tax if the property is used to earn unrelated business income.
A non-profit can make a profit and still be tax exempt if it pays tax on the business income not related to its stated purpose. For example, a church that rents out a cottage on the grounds may have to pay property tax for that cottage but not for the Church or the rest of the buildings and the grounds.