Real Estate Glossary

Knowledge Focus: Property Taxes

Property Taxes


Property taxes are local taxes. Local officials value your property, set your tax rates, and collect your taxes. The system has four core stages: valuing the taxable property, protesting the values, adopting the tax rates, and collecting the taxes. A tax bill is calculated by multiplying the equalized assessed value of a property (less any homestead exemptions) by the aggregate rate for the tax code area in which the property lies.

If a real estate owner does not pay the required taxes on a property, the county will offer the property up for sale at an auction as a tax sale to help generate the lost tax income.




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