What is Property Tax?

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Property taxes differ based on a property’s assessed value (market value). There are various factors that can impact a property’s value, positively or negatively, such as age, size, style and condition. The larger the assessed value the higher the property tax. The property tax bills are issued to help support the infrastructure in the town, such as roads, waster removal and water systems and are typically a large portion of a city/town’s overall budget.