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.
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