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Page 8 of 18 |
How is real property tax imposed? |
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Many counties have a real property tax that is imposed on the ownership of real estate located within its boundaries. Real Property tax is typically imposed upon the assessed value of the real property - typically set as a percentage of the most recent purchase price paid for a parcel of real property. In addition, many counties impose a one time tax or fee whenever a parcel of real property is transferred. Real property taxes are imposed and collected at the local level.
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