Assessed value can be the same as market value or may be a higher or lower percentage of actual market value, depending on state law and local assessment rules. The total of the assessed valuations is known as the assessment roll, assessment tax base, or tax roll. The rate of taxation is determined by local governing bodies. The tax may be used to generate general revenue or for special needs,such as for a school district within the jurisdiction. Tax Many states allow tax exemptions for homeowners.
Some states have lower tax rates for a taxpayer's principal residence.
Other exemptions may be given for senior citizens or disabled homeowners. If taxes on a property are not paid, they become a specific lien on the property. After a specified period, a tax sale at public auction is held. The tax collector issues a tax deed or quitclaim deed to the purchaser. States that allow the property owner a statutory period of redemption after the sale usually issue a certificate to the purchaser.