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property taxes - how they work |
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How do property taxes work?
Carmel Indiana
Property taxes are what most homeowners in the United States pay for the privilege of owning a piece of real estate, roughly 1.5 percent of the property's current market value. These annual local assessments by county or local authorities help pay for public services and are calculated using a variety of formulas. In Indiana there are proposals to cap the amount of property tax at 1% of a home's market value. In areas where there are relatively high property values or where there are plentiful commercial and industrial properties, the cost of schools and government services are divided by a larger base of values. In those areas the percentage of tax related to property value is sometimes lower than other areas where the overall property values are lower. It is simple division.
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Last Updated ( Sunday, 07 December 2008 )
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