What property taxes are based on
September 29th, 2008 | by admin |Property tax, or millage tax, is an ad valorem tax that an owner pays on the value of the property being taxed, while There are three species or types of property: Land, Improvements to Land, and Personalty. Property taxes are based on the fair market value of taxable property, and the assessors make the fair market value determination based upon the status and condition of property as of January 1 of each tax year. Property taxes alone will not pay for all of the vital City services and supports a well-thought out coordinated economic plan that draws revenues from a variety of sources including property taxes would probably serve the citizens more effectively.
