PROPERTY TAX SERVICES

Property taxes sometimes referred to as millage taxes are a governmental levy on personal or real property that the owner is required to pay. Usually, the property tax is levied by the state or local governing agency of the jurisdiction in which the property is physically located. Sometimes, multiple jurisdictions may tax the same property. Generally property can be separated in to four basic types: intangible property (like trademarks, goodwill, copyrights, etc.), land, improvements to land (immovable items such as buildings and permanent fixtures), and personal property (items that are movable like vehicles, computers, equipment). Real property or real estate usually means the combination of land and improvements to land. Under a property tax system, the government requires and/or performs an appraisal of value of each property, and property tax is assessed as a percentage of that value. Different cities, states and countries use various different forms of property taxes. In most cases different types of property are put into various classifications and the property tax amounts are based upon the classification. Examples of different classes of property are inventory, office supplies, heavy duty equipment, vehicles residential real property, commercial real property, leasehold improvements, industrial real property, retail real property, and vacant real property. With all the different jurisdictions, classifications, and tax requirement, the taxation process can be quite complex and daunting, but BBS can take away the hassles and take care of all your property tax requirements.