Property Tax

  Property Taxes Fair or not?

Property tax is maybe the fairest tax gathered by the municipality. However, it is also maybe the un-fairest tax collected by the municipality
The state where an person lives determines how much they payment , And which may be higher or lower. The economic situation of a person can also be a factor in how this type of tax affect your pocket.
In fact, when it comes to the decision on taxes and rents own function, it may be the only time the lease is the best option. States collect property taxes on :
Land or Land improvements like  additions to property and Man made objects that are not stationary structures .

Usually assessed by the county tax collectors in each state individually. Land and notice sent to the taxes which are the result of the assessments of the value of the property. Reviews evaluations can be challenged in contact with the tax collector in the county owns the land, and the tax bill is usually paid the escrow amount a homeowner on their mortgage.As mentioned earlier, property taxes disproportionately affect some homeowners. The increase in the tax rate from one state can often double or triple the tax liability of an owner and often leave no choice but to sell their homes or land.Critics of this type of tax also denounced the fact that it is some people's situations. Although usually paid through an escrow account, means increasing the property tax they have to pay more in a trust account.Seniors on fixed incomes have been identified as a group sometimes hit hard by property taxes. These people may have high taxes due to increased property value, but feel unable to pay due to lower income in retirement. This mandatory fee, in some cases, does not take into account factors that may affect a person's ability to pay, as a personal tragedy or acts of nature.The property tax has also been criticized because individuals must pay difference between states. Alabama has the lowest rate at 1.3 percent in the value of the property, while New Hampshire has the highest 4.9 percent. The average somewhere in the range of 2.3 percent.While Alabama has a rate of 1.3, which seems to be an attractive place for the homeowner or business, someone on the property a few meters from neighboring Georgia would have to pay 2, 6 percent, and more than double in Florida, with a rate of 3.1 percent.Only how to spend the income (or residue, as in the case of many governments) values ​​generated from land tax is determined by state legislatures. The state legislature also say that reducing or increasing the tax rate to determine how often you should collect. In addition, you can also set limits on the amount of increase, if any, may have each year.Property tax course assists States with revenues. But all things necessary, property taxes can be a decisive factor when individual lives and their ability to retain the American dream of owning land.