Property taxes are charged by local governments, most often to pay for public schools. If you rent an apartment, you usually don’t have to worry about these taxes. Property taxes are computed according to a complicated system of real estate valuation (assessment). If you are assessed property taxes, your community will have a procedure that will allow you to appeal the assessment and ask for a lower tax bill.
See the section Living in an American Community for a full explanation of the mechanics of the property taxation system.
Next Section:Estate and Gift Taxes
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