Estate tax and property tax are among the hottest topics of discussion after the election. A lot of homeowners are waiting to see if president-elect Trump will make good on his words on these two subjects. Property tax in particular, according to the MSA degree online program of Villanova University, is a tax that not all homeowners understand. There are some very interesting facts about property tax indeed.
For example, property tax is commonly used to pay for local expenses. The local government will use the money they raise from property tax to pay for things such as public schools, infrastructure and other expenses. Lowering property tax could mean forcing local governments to find new sources of income to fund these essential expenses. It is also worth noting that property tax rates are also assessed communally to avoid one property owner paying a much higher tax than the rest of the community.
The Global Taxes infographic was created by Villanova University.