How Do Property Taxes Work?

Property taxes are what most home owners in the United States pay for the privilege of owning a piece of real estate—on average 1.5% of the property's current market value. These annual local assessments by county or local authorities help pay for public services and are calculated using a variety of formulas.

Are property taxes deductible?

Property taxes on all real estate, including those levied by state and local governments and school districts are usually fully deductible against current income taxes. Check with your tax professional.

If you live in Central Iowa, and have additional questions about how property taxes work, contact Hunziker & Associates today—we are here to help!

 

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