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December 26, 2009

Property Tax

Real estate property tax is assessed by local governments such as cities, townships, counties, parishes and boroughs and is the primary source of income for communities. The majority of state property tax is used for education, while remaining funds are used for county and municipality expenses such as paying government employee salaries, road repairs and improvements to infrastructure.

Mortgage lenders calculate property tax by multiplying the tax rate times the property value. When borrowers buy houses, a property appraiser assesses the value of the real estate based on several factors. The appraised value can be higher or lower than the purchase amount. When buying a house, the goal is to purchase the property for less than the appraised value.

Real Estate Investing article on "Property Tax"