When in comes to property taxes what is taxed ?

Question

Is it the overall "Lot Size" or the building square footage.

Thanks in advance......

Answer 1

typically the property tax is based upon your assessed values of your land and anything permanently attached to that land and the zoning of that land.

now for easy English -

if you have a lot in town that is zoned residential and it is 75x100 that lot has an assessed value by the county it is in.

if you have a house on that lot it has an assessed value placed on it by county assessor also. it is based upon size, location in that town, what materials were used to build it and finish it with.

if you have a detached building that is permanently placed on that lot such as a detached work shop or garage then that also has an assessed value by the county placed upon it.

Your property tax is then sum of all of these items

this is the simple version as with every government entity they will find other things to tax you for or you also pay for blanket assessment for say repaving of your road that will be based upon your assessment of road frontage your lot has.

so hope this helps to confuse you in the ways of our government

Answer 2

That depends on the Government Entity Taxing you.

Probably a combination of both and Taxes you on the Value of the building on the property.

Answer 3

Your local tax assessor assigns values for both the building(s) and land. They add the two values together to arrive at assessed value and multiply that by the tax rate to arrive at your taxes. There are variations but that is the process in a nutshell.

Answer 4

Depends on what the assessed value of the property is and how high property taxes are in that area.