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2. Property tax in the United States - Wikipedia

   en.wikipedia.org/wiki/Property_tax_in_the_United...

   Most local governments in the United States impose a property tax, also known as a millage rate, as a principal source of revenue. [1] This tax may be imposed on real estate or personal property. The tax is nearly always computed as the fair market value of the property, multiplied by an assessment ratio, multiplied by a tax rate, and is ...

3. Chicago homeowner stunned after getting a notice that his ...

   www.aol.com/finance/chicago-homeowner-stunned...

   These taxes are typically calculated using your local tax rate and the current market value of your property — which is estimated by an assessor as property values change. You might find a ...

4. Fair market value: What it is, how it’s calculated - AOL

   www.aol.com/finance/fair-market-value-calculated...

   The market value and assessed value of a property do not necessarily have to match, and in fact often don’t, with assessed values lagging current market values.

5. Real estate appraisal - Wikipedia

   en.wikipedia.org/wiki/Real_estate_appraisal

   Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value).Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their condition, a key factor in valuation), unlike corporate stocks, which are traded daily and are identical (thus a ...

6. Highest and best use - Wikipedia

   en.wikipedia.org/wiki/Highest_and_best_use

   The highest and best use of the site is to demolish the house and sell the site as a commercial lot. The market value would be $225,000 ($250,000 site value minus $25,000 demolition cost). However, if the demolition costs rose to $55,000, the highest and best use would be the existing residential use, because the value as a commercial lot (now ...

7. Suburban homeowner's property tax bill skyrockets • More ...

   www.aol.com/news/suburban-homeowners-property...

   Suburban homeowner's property tax bill skyrockets from $1,800 to over $30K. ... one-bathroom house in 2006 for $115,000, maintains its current market value is just over $180,000.