Daily Real Estate Vocab #4 - Property Tax

Daily Real Estate Vocab is here! Today we discuss the term: property tax Property tax is a real estate ad-valorem tax, calculated by the government, which is paid by the owner of the property. The tax is usually based on the value of the owned property. Now I think most of you understand the basics of all this, but if you don't. Basically property taxes just pay for things that the government uses that helps citizens. In the United States, it is something every state has. Yes it's true, every state has some form of property taxes. And these taxes go towards like many, roads, schools, police departments, and lots more. So really this is all important for our sake, in real estate and on the exam, when we have to calculate property taxes. So the formula for this is as follows and this is probably the most important part that you need to remember. If there's one thing you take away from this video, remember this: Property Tax Rate = (assessed value) x (mill rate) For more vocab terms check out our ultimate guide here: https://realestatelicensewizard.com/real-estate-terms/ #realestate #realestateexam #realestatevocab -=-=-=-=- Don’t forget to like and subscribe for more!