What Kind of Tax is a Property Tax?
Property tax is referred to as an ad valorum tax. This type of tax is based on the price of the item or service or house. The amount of the tax is commonly billed on a yearly basis and the property’s value may be changed periodically (usually every year).
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Other kinds of taxes include excise taxes, like sales taxes, and income taxes, such as the federal and state payroll taxes on many people’s weekly paychecks. Property taxes, though, are considered ad valorum taxes and are imposed by the county in most states.
Also, it is vital to remember that the county regulators do not use an estimate of market value when evaluating a property for tax purposes. In fact, even when the market price of a home may decrease, the tax value may rise, or the tax may increase, causing one’s tax bill to rise even in the face of a declining real estate market.
