Property Tax Assessment

March, 2015

Property tax assessment is evaluating the market value of your home in accordance with similar properties. The calculation is done by multiplying the assessed value of your property with the tax rate in the state or district you are in. Whatever tax exemptions allowed by the government is then deducted from your property tax. Property tax assessment is usually done annually or every two or three years depending on which state you are in. The taxes collected from the assessed properties are used by the government to fund public buildings and infrastructure, such as public schools. In order to make sure that you get an accurate property tax assessment, ask your local assessor’s office how the calculation is done, request a copy of your property assessment, and check if all the information reported in the document is correct. If you think there is inaccuracy in the assessment, you can contest it by contacting taxing jurisdictions that take care of taxes in your district or community.