Property tax refers to the tax levied against a person’s property . It is often defined as the tax assessed by the local government. Property tax is usually levied against real estates and personal property. They are valued on assessment by the local bodies. After assessment of the property tax , they are distributed for the welfare of the community. Property tax aims at distributing income uniformly among people of a state from high income group to the low income community.
SORTING PROPERTY TAX :
Property are generally categorized into three types: land, land improvisation (buildings , farms etc ) and personal property that include computers , cars , etc. Land and land improvisation combine to form read property of a person. On the basis of any property tax system, it necessitates the appraisal of financial value of property, and tax is assessed on the basis of the value obtained.