Property taxes are annual taxes assessed on real estate based on the property’s value. They provide funding for local government services like schools, police and fire departments, infrastructure, and public works. Most counties calculate property taxes based on the assessed value of the property, which may differ from the market value. Tax rates are expressed as a percentage of the assessed value. The specific calculation depends on where the property is located, but typically also considers factors like the property type, square footage, age, and amenities. Property taxes are the responsibility of the property owner and are usually paid in one or two installments each year. Failure to pay can result in penalties and even foreclosure. So make sure you understand the property tax implications before buying a home.