What are Property Taxes?
Answer:
Property taxes are paid to county or municipal
governments to support public schools and other local services. The amount of tax you pay on a property each year depends on its market value. Tax rates are usually either a percentage of the value or a set amount for each $1,000 of value.

For example, a property tax rate of $17 per thousand on a $200,000 house would give you an annual tax bill of $3,400. The IRS allows you to deduct taxes on your residence from your annual taxable income, which offsets some of the property tax burden.

Mortgage lenders can and usually will pay or add your property tax payment into your mortgage payment.

Some states may also charge taxes on personal property such as vehicles, investments, and durable goods such as major appliances.
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