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In the US, property tax on real estate is usually assessed by local government, either at the municipal or county level. A tax assessor is a public authority official who determines the value of real property, for the purpose of apportioning the tax levy. An appraiser may work for either the government or private industry, and may determine the actual value of real property for any purpose.Tax assessor offices maintain a database of information about improvements to real estate. They also design and maintain tax maps. They accomplish this with the added help of surveyors. On tax maps, individual properties are shown and are given unique parcel identifiers. The tax maps help ensure that no properties are omitted from tax rolls and that no properties are taxed multiple times.
The assessment of an individual piece of real estate can be according to 1 or more of the normally accepted methods of valuation (i.e. income approach, market value, or replacement cost). Assessments may be given at 100% of value or at some lesser %. In most if not all assessment jurisdictions, the determination of value, made by the assessor, is subject to administrative or judicial review, if the appeal is instituted by the property owner.
Ad Valorem property taxes (or "of value")are based on fair market property values of individual estates. A local tax assessor applies an established assessment rate to the fair market value. By multiplying the tax rate times the assessed value of the property, a "tax due" is calculated. These taxes are collected by municipalities such as cities, counties, or districts in many locations in the US. These help fund municipal budgets for educational systems, parks, sewers, libraries, hospitals, fire stations, etc.
After determining a budget at the municipality level, a legislative appropriation determines how the money will be collected and then distributed. After that, a tax authority levies the tax, but an appeal is permitted. "Equalization" is then considered by a board of equalizers to ensure fair treatment. A tax rate is then determined by dividing the municipal budget by the assessment role of that municipality. Your tax rate times the assessed value of your property determines the tax owed.
In some jurisdictions there are both ad valorem and non-ad valorem property taxes, the latter of which represents a fixed charge (regardless of the actual value) for items such as storm sewer control and street lighting.
In the United States, another form of property tax is the personal property tax. This can target:
* boats, automobiles and other similar vehicles
* other durable goods
* intangible assets such as stocks and bonds.
* inventory