Property Tax
An annual tax local governments charge based on your property's assessed value.
In plain English
Property tax is charged by your county, city, or school district based on your home's assessed value, funding local schools, roads, and services. It's usually billed annually or semi-annually and often collected monthly through your mortgage escrow account.
Property taxes vary enormously by location and can meaningfully change your true monthly housing cost — always check local rates, not just the home's price.
Where you'll run into it
Guides and tools on TheBuyingPath that cover property tax in context.
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