Property Tax: What is Property Tax and How It Is Calculated?


Property tax or house tax is the amount of money paid by the property owners to the municipal corporation or the local government of the area where the property is located. Property means all tangible real estate property, an individual’s house, or office building that the owner has rented to someone else.

The amount of property tax collected by the government is used for the maintenance or repair of various public facilities such as roads, parks, schools, sewage systems, etc.

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