Property Tax

An annual tax on the assessed value of real estate, usually charged by local government.

Property tax is typically the main funding source for local services such as schools, roads and emergency services. The bill is the assessed value of the land and buildings multiplied by a local rate, and it is owed whether or not the owner has any income that year. Because assessments lag the market, bills often rise years after prices do.

Their property tax bill rose after the county reassessed the neighbourhood at current market values.