Property tax

From Sunshine Review

In the United States, property tax on real estate is usually levied by local government, at the municipal or county level. A very important benefit of a tax on property over a tax on income is that the revenue always equals the tax levy, unlike income or sales taxes, which can result in shortfalls producing budget deficits. The property tax always produces the required revenue for municipalities' tax levies.

The assessment is made up of two components—the improvement or building value, and the land or site value. In some states, personal property is also taxed. A tax assessor is a public official who determines the value of real property for the purpose of apportioning the tax levy. An appraiser may work for government or private industry and may determine the value of real property for any purpose.

This article was taken from Wikipedia, the free encyclopedia under the GNU license on 3/12/09.