They stay abreast of changes in tax laws, ensuring that businesses remain retained earnings compliant and avoid costly penalties. The views expressed are as of the date indicated and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author, as applicable, and not necessarily those of Fidelity Investments. The third-party contributors are not employed by Fidelity but are compensated for their services. A .gov website belongs to an official government organization in the United States.

Department of Assessments and Taxation

Property taxes are based on the value of your real estate and the tax rates set by your local and state governments. Your local government will regularly assess your property’s value, typically once per year, though some areas do appraisals every 3 years or even less frequently. The appraisal could consider the recent sales prices of similar properties, the cost to rebuild your home, or the income that could be generated from renting out the property. Among them are property taxes, which are fees collected by state and local governments where your property is located. The amount of taxes an owner pays varies by location and property value.

• Eligible Pennsylvanians age 65 and older; widows and widowers age 50 and older; and people with disabilities age 18 and older.
• ​Several types of local governments, called taxing authorities, can levy property taxes to support the services they provide to people in a county, city, or other specific area.

NMLS #3030;  Licensed in 50 states.

• Taxes become delinquent on April 1st each year, at which time a 1.5 percent fee per month is added to the bill.
• For calculating income use only 50% of your Social Security Benefit, SSI, and Railroad Retirement Tier 1 Benefits (except Medicare benefits); plus, all other income must be added in at 100%.
• It’s important to note this assessed value isn’t necessarily what you’d get from selling the property.

Contact the Property Appraiser if you need to:

New registrations will be effective starting with the 2025 tax year. If your property has a mortgage and the mortgagee is the trustee for a tax escrow account, the tax collector will send the tax bill to the mortgagee and a copy to you. Local governments (counties, municipalities, or special districts) can levy property for non-ad valorem assessments. These assessments are calculated on a unit basis, rather than on value. Proposed non-ad valorem assessments are based on an improvement or service to the property, such as drainage, lighting, or paving. Visit our Frequently Asked Questions (FAQ) page for answers to the most common questions.

• Real estate taxes are calculated by multiplying the assessed value of the property by the local tax rate.
• A taxpayer has several responsibilities for being a citizen of a country, such as completing annual tax returns, understanding deductions and credits, and complying with tax codes.
• The remaining 21 percent was divided among towns, special districts, cities and villages.
• You also could owe less taxes on a property if it’s your primary residence rather than a vacation home or investment.
• So, if you own the property, you need to make sure that the property taxes are paid.
• They are the best source for clarifying assessments based on valuation methods, such as fair market value appraisals or special assessment tax formulas.

How to recognize an official Oregon website

• Property tax is the primary funding source for essential local services, including public schools, fire protection, libraries, and parks.
• It is the job of the Tax Collector to mail the tax notices and collect the monies due.
• Local taxpayer contributions through real estate tax payments help sustain essential community services.
• Failing to pay real estate taxes can result in penalties, interest charges, and in extreme cases, a lien against the property.
• This is true for each following year until you move or make improvements to your home.
• Real estate tax is a levy on real property, meaning land and any permanent structures affixed to it, such as a home, garage, or commercial building.

Dan Green is a mortgage expert with over 20 years of direct mortgage experience. He has helped millions of homebuyers navigate their mortgages and is regularly cited by the press for his mortgage insights. Dan combines real estate taxes deep industry knowledge with clear, practical guidance to help buyers make informed decisions about their home financing. Real property is generally considered to be structures that are built on land, above or under land, or affixed to land.

Buildings and property

It’s interesting to note that mobile homes are taxed as personal property rather than real estate. It is true that people live in them just as they would in a house, but technically, they’re moveable. However, if you own the land that you have a mobile home on, it would be taxed under real estate taxes on its assessed value. Ever hear people complain about the high cost of real estate taxes in their area? This is what they’re referring to, and higher tax rates are often found in large cities like New York Bookstime or Los Angeles. Property tax is the primary funding source for essential local services, including public schools, fire protection, libraries, and parks.