Property tax in the United States is also known as millage tax. This tax is an ad valorem tax which mean it is based on how much your real estate or personal property is worth.
Owners are required to pay taxes on the value of their properties. Generally these taxes are imposed by the state or even county on any and all property that you own. If you own twenty properties you have to pay tax on each one individually.
There are three divisions or types of property. These include personal, land, and improvements on land. Personal refers to movable objects that an owner has made. Land refers to only land, no buildings and or homes that are on that land. Improvements to land are non-movable objects such as full houses or really anything you can build that you cannot move.
The way they tax these properties is by having an appraisal done. AN appraiser goes out to the house and establishes how much the property is actually worth. The value of this property can go up or down every year so your property tax can change often.
The tax that you will pay will be proportionate to the value of the house. This means that if your house is worth more you will pay more tax on it and if your house is worth less then you will pay less taxes on it. Where you live changes the amounts and types of property tax and also who you will be paying your taxes to.
The rate of the tax on your property will usually be shown as a percentage. It can also be done as a per mille. These are also know as a millage rate or levy. A mill is actually a one-thousandth of a currency unit. Basically it's like a decimal versus being like a percentage.
In order to calculate your property tax you will take the worth of your property and multiply that value it was assessed and then divide that number by one thousand.
If you need help assessing your house contact a local accessor and they should be able to answer all of your questions. If you would like to figure out the local property tax rate or find out how much you will owe contact the IRS for more information.