Property taxes are ad valorem taxes, meaning they are based on the assessed value of your property. They are collected by local governments to fund public services.

What Do Property Taxes Fund?

The revenue from property taxes typically funds local services like public schools, police and fire departments, libraries, and road maintenance. The amount you pay is determined by your local tax rate and your property's assessed value.

Estimating Your Tax Bill

Your property taxes are often included in your monthly mortgage payment, where they are held in an escrow account.