The back taxes owed on a home are found in listings of homes scheduled for tax foreclosure at the county courthouse, in local newspapers or posted online by the local county government, according to Jeannine Mancini for SFGate. Lists of these homes can also be located by contacting the county tax collector's office.Know More
Each state has its own set of rules and differing fees and penalties for nonpayment of real estate taxes, notes Marie Huntington for The Nest. When homeowners fall behind on taxes, their county government can sell their homes at auction. The county tax collector must place a lien against the property before it can be sold. Bidding for the home starts with the amount of back taxes owed plus fees, court costs and interest. In many cases, the successful bidder is able to acquire the property for significantly lower than market value.
Some states grant the successful bidder full rights to the property, while others grant ownership of the lien and require the bidder to foreclose and evict the delinquent taxpayers himself. Some states have a redemption period that gives the delinquent taxpayer the right to pay off the tax debt and retain ownership of the home for a specified time period after the tax sale, explains Huntington.Learn more about Taxes
Local authorities calculate property taxes by using the mill levy and the assessed value of the property, according to Investopedia. A mill levy is a tax rate assigned to property value. One mill is equivalent to 0.1 percent of a property's value.Full Answer >
Senior homestead exemptions for property taxes typically stipulate that the qualifying senior must be at least 65 years of age, must own the property and reside in the residence, as stated by Illinois Revenue. States can grant automatic exemptions or require submission of an application to qualify.Full Answer >
The Detroit Economic Growth Corporation shows that the net millage rate for property in Detroit is 84.5085. Because a mill is 1/1000 of the taxable value, the annual tax rate is roughly 8.45 cents per dollar. The taxable value of property in Detroit is 50 percent of its market value.Full Answer >
The ad valorem tax in Texas is a tax on tangible personal property and real estate that is determined according to the value of the property. It applies to the property of people and corporations but not to property owned by municipalities or other government entities.Full Answer >