Property taxes are set at the local level and paid by homeowners as a specific percentage of the assessed value of their home.
The typical American household paid nearly $1,900 in property taxes in fiscal 2021, but this varies significantly by location and home value.
Property taxes are the single largest source of tax revenue for local governments in the U.S., funding essential services like schools and public safety.
Annual property tax payments can vary by thousands of dollars from one community to another within the same state, highlighting the impact of local policies.
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