What are the services provided after paying house tax
Answers
Explanation:
Property tax is the oldest tax levied in the U.S., and the only major tax common to all 50 states, according to the University of South Carolina's Institute for Public Service and Policy Research.
Other taxes, on income or purchases, help generate important revenue for government, but property tax has funded municipalities' functions and services since at least 1085, when William the Conqueror needed funds to pay for his army, so he commissioned the Domesday Book, a survey intended to assess the wealth and assets of his newly conquered land.
Taxes on purchases and income generate revenue, but property remains the most fundamental way to fund a municipality or state's activities.
You pay local, state and federal governments taxes to provide for the public services and activities they provide. But most of your property tax stays within the community in which you live.
Property taxes pay for road construction and maintenance, local governments' staff salaries, and municipal public service employees such as police, firefighters, and the local public works department. If your town has plants or decorations outdoors, it is your property tax that helps make it possible.
Your property taxes also pay for much of the organized recreation in the area, such as park maintenance, and any public land not owned or funded by the state. In addition, traffic lights, sidewalks, recreational trails or recycling centers, and plowing during the winter, as well as festivals and holiday celebrations. And, while free public education has been compulsory since at least the mid-1800s in the U.S., and school districts receive funding from a variety of sources, a lot of funding for public schools comes from local property taxes.
Frequently, homeowners complain about an increase in their property tax. While the tax rate -- the levy -- can be increased by the municipal government, or the amount of property tax to fund a school district's budget can be increased, often what happens is a reassessment of property values results in homeowners paying more taxes despite the rate not having changed, because the same tax rate is levied against a property assessed at a higher value.
As noted, one of the property value dichotomies is that homeowners naturally want their property's value to increase over time, for when they might profit by selling it, but the same homeowners worried about the effect on property values of various things complain when their property is assessed a higher value.
The tax rate is also sometimes referred to as a 'mil levy.' One mil is $1 per $1,000 of assessed value. If your town uses a mil levy to determine your tax bill, take the assessed value of your property, and multiply it by the mil levy, then divide it by 1,000.
As an example, let's use the property assessed at a combined value of $440,000. So, with an assessed value of $440,000, times a mil levy of 40, we wind up with $17,600,000. Divide that by $1,000, and you wind up with the same $17,600 tax bill as before.