Property tax is a levy charged by local authorities on property ownership, funding public infrastructure like roads, schools, and emergency services.

Key Points:

• Annual or Periodic: Based on assessed or market value.
• Legal Requirement: Non-payment can lead to liens or penalties.
• Rate Variations: Different regions have diverse tax percentages.
• Deduction Possibilities: Business owners may claim part of their property tax.

Staying current with property tax ensures legitimacy of ownership and supports community improvements.