Property taxes are key to state and local budgets. Property taxes are the leading category of revenue for state and local governments in the US, yielding 34% of tax collection. Education, transportation, emergency services, parks, recreation, and libraries are funded by property taxes.
Property taxes are also known as ad valorem taxes. �Ad valorem is defined as according to value. Broadly they could be divided into Secured and Unsecured Property taxes.
Secured Property Taxes
A secured property tax bill is generally a tax bill for real property, which could include your home, vacant land, commercial property and the like.
The term "secured" simply means taxes that are assessed against real property (e.g., land or structures). The tax is a lien that is "secured" by the land/structure even though no document was officially recorded. If the taxes remain unpaid after a period of five (5) years, the property may be sold to cover the taxes owed.
Unsecured Property Taxes
An unsecured property tax bill is usually for property such as aircraft, boats and business personal property.
The term "unsecured" simply refers to property that can be relocated and is not real estate. An unsecured property tax bill may also be for real property such as land in some cases. What makes this tax bill different from the secured tax bill is that the lien for taxes is against the owner of the property. If taxes are not paid a lien can be filed against the owner of the property.
Learn more about how property taxes in your state by following the relevant links below:
Property Taxes in�California Pay Property Taxes in�Colorado Pay Property Taxes in�Florida Pay Property Taxes in�Texas Pay Property Taxes in Washington