Property taxes are based on where a property is located. who lives on a property. how much a property is worth. when a property was purchased.

Property taxes are primarily based on how much a property is worth, which is typically assessed by local government officials who estimate its value based on various factors, including market trends, size, and improvements. This assessed value helps determine the amount of tax owed, and it's often re-evaluated periodically to reflect changes in the real estate market. Location also plays a critical role in determining property taxes. Properties in areas with high demand or desirable amenities—like good schools or parks—tend to have higher assessed values, resulting in increased property taxes. This means that not only the property's worth but also its neighborhood can influence how much homeowners pay in taxes each year!