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Homeownership is one of life’s great highlights but ask homeowners about paying property tax and they’ll tell you it’s one of their least favorite responsibilities. The property tax is an important part of any well-balanced revenue system for a community. Property taxes fund such things as schools, fire and police protection, streets, libraries, and other public benefits. Typically, the property tax allows these services to be funded in proportion to the amount of money individual properties are worth.

Savvy homeowners and prudent buyers are probably aware of the property tax rates in their area, but they may not understand the factors that can drive their property tax rates up, such as changes of tax rates, additional levies or general increases in market value.