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Values are determined by local officials, and may be disputed by property owners. For the taxing authority, one advantage of the property tax over the sales tax or income tax is that the revenue always equals the tax levy, unlike the other types of taxes. The property tax typically produces the required revenue for municipalities' tax levies.
The foundation principles for ad valorem taxes are that each property is valued according to its market value and that each property is taxed based upon a single millage rate that applies to everyone (uniformity). [10] Special assessment levies are not ad valorem property taxes even though they may be collected on a property tax bill. A special ...
Many taxing authorities will provide property tax information to the public, indexed by APN. Alternative terms with the same meaning include: Assessor's identification number (AIN) Property identification number (PIN) Property identification (PID) Property account number; Tax account number; Sidwell number
Pro: Low Property Taxes Equal Low Monthly Housing Payments. In New Jersey, where residents are saddled with the highest property taxes in America year after year, real estate taxes average 2.26% ...
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