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| *Ostroff, Fair and Company>>>Other Taxes |
How do they calculate the amount owed for property taxes? |
How do they calculate the amount owed for property taxes? This varies by municipality. Each town/city uses a different formula. Some use square footage, some use the date when the house was built, others use a percentage of assessment value. The only way that you can know for sure is to ask the tax assessor in your town/city. They must tell you how the tax is calculated. They take and estimated value of your property and multiply it by a percentage to get your tax amount. new england is definately first with the goods. A solid answer. Here in CA, there is even a different aspect, under prop 13 it is date of last sale! Wish they had that in NE don麓t you! That means new buyers experience a huge jump, usually on any purchase, but especially if the old owner had held for awhile. Prop 13 had another unintended consequence to big businesses like Oil Companies who curiously enough owned large tracts of land for refineries and supported 13 with big cash. For example, in Torrance where Mobil has a refinery, at the time of 13s passage they were paying 2/3 of the local revenue for the city. Now it is less than 1/3 and fall less and less each year. So much for the second shot heard round the world!! |
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