| When you are the owner of property, you will have to | | | | to go up), the costs just become too great for those |
| pay property taxes. These types of taxes are | | | | with an income that isn't rising at the same time. In |
| decided by the local governing bodies. The majority of | | | | addition, some governments not only demand property |
| people are familiar and reminded of their property | | | | taxes for the building in which you live, but also the land |
| taxes when a levy in the their area is brought up during | | | | upon which it has been built. |
| an election year. Because the acceptance of levies | | | | There is a concern with the property tax issue that the |
| means higher property taxes, many people will vote | | | | rising costs have actually contributed to a rise in urban |
| against levies if they feel their property taxes are | | | | sprawl. As people decide that they can not pay certain |
| already too high. | | | | property taxes in certain areas, they simply spread out |
| Property taxes are assessed on annually, but that | | | | to find areas where the taxes aren't as bad. This is |
| doesn't always mean that the taxes are going to climb. | | | | leading to a larger sprawl in even smaller cities. |
| In some instances, the tax rates don't change, meaning | | | | Efforts being made to take care of this situation |
| that if your property value has not altered, your taxes | | | | include conservation easements, policies in which |
| will not change. But when you have added to the value | | | | certain pieces of land are not allowed to be developed |
| of your home or other properties, you will need to pay | | | | any more in the future; Current use valuation, where |
| higher property tax. | | | | the land is figured at the current value of its current |
| This tax is determined by multiplying the rate of the | | | | use instead of assessing the value of land at the |
| property tax (as determined by the local government) | | | | potential value; exemptions from property taxes that |
| by the current assessed value of the home. Also, | | | | allow some pieces of land like farms to be valued at |
| there are personal property taxes that have been put | | | | minimal prices, doing away with their property taxes |
| into place to raise taxes for those with higher ticket | | | | altogether; and land value taxation, which allows for |
| items in their possession like cars and other vehicles, | | | | improvements to actually encourage decreasing the |
| boats, aircraft, art, business inventory, and stocks and | | | | value in order to decrease the property tax. |
| bonds. | | | | No matter which type of property you own, you will |
| Property taxes are mandatory because they help to | | | | find that paying tax on it is necessary. Although its hard |
| fund the daily operations of local government buildings, | | | | to see at times how you are benefiting from paying |
| fire departments, parks, hospitals, etc. However, with | | | | property taxes, this money is necessary to make |
| rising property taxes, some people are unable to keep | | | | many of the public services that you will use, available. |
| up with the rising costs and choose to move to an | | | | Realizing that you and your family are enjoying the |
| area with cheaper property taxes. | | | | benefits of your tax dollars through these public |
| Because these taxes are figured on the fair market | | | | services, helps you understand why it is important to |
| value of properties (and the values seem to continue | | | | pay property taxes. |