Tax Expense

Most homeowners are required to pay property tax to the municipality.  Property taxes are what fund the majority of the city budget.  A typical homeowner’s tax expense is computed as follows:

Assessed Value of Property x Tax Rate of Municipality = Tax Expense for the Year

Homeowners pay their tax expense quarterly, or every three months. It is often part of your mortgage payment. If you fail to pay your property taxes, a tax lien can be imposed on your property. A tax lien gives the municipality the right to take possession of your home.

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