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Are property taxes based on the sale price of the home?

Curious about Property Taxes

Are property taxes based on the sale price of the home?

Property taxes are not necessarily based on the sale price of the home. Instead, property taxes are based on the assessed value of the property, which may or may not be the same as the sale price. The assessed value is usually determined by a government assessor who evaluates the property and determines its value based on factors such as its location, size, and condition. Once the assessed value is determined, the property taxes are calculated based on the tax rate set by the local government.

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