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Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics.
A land value tax is a progressive tax, in that the tax burden falls on land owners, because land ownership is correlated with wealth and income. [3] [4] The land value tax has been referred to as "the perfect tax" and the economic efficiency of a land value tax has been accepted since the eighteenth century.
Values may change over time, and many states require taxing jurisdictions to redetermine values every three or four years. The value of property is often determined based on current use of the property, rather than potential uses. [25] Property values are determined at a particular valuation date for each jurisdiction, which varies widely.
During the last reappraisal in 2020, residential property values in Hamilton County went up 14% while the average property tax bill went up 6%, according to the Hamilton County auditor and treasurer.
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The assessment is made up of two components—the improvement or building value and the land or site value. The property tax is the main tax supporting local education, police, fire protection, government, roads, and most infrastructure, e.g. sewers, bridges, street lights. Many state and local jurisdictions add personal property taxes.
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related to: check my land value by address- 1560 Wall Street, Naperville, IL · Directions · (630) 527-6426
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