Property tax, usually local, is a tax imposed on the market value of a property. Learn more here about property tax requirements, write offs, and other situations involving property tax in the articles, columns, blog posts, radio shows and videos.
When you're buying or selling a home property taxes become an issue. It's important to understand how much property taxes are for the areas you're considering buying in. To make up for high property taxes a seller may offer a potential buyer a discount on the house's price.
When you buy a home you have to pay property taxes every year. If you feel your property taxes are too high you can contact your local tax assessor's office to dispute the value of your property and potentially lower your taxes. Learn how the property tax process works in Cook County, IL, where Chicago is located.
When you buy a home who pays the property taxes for your first year will depend on when you bought the home and where you bought it. In some cases buyers and sellers split the cost of property taxes. How much of the property taxes buyers and sellers pay may be determined by prorating the amount.
When you win a property in a contest you'll owe taxes on your winnings. How should you pay the taxes on a property you win? One option is to take out a mortgage specifically to pay the taxes on the property you win.