Q:

Who has to pay property taxes?

A:

Quick Answer

Commercial and residential property owners in each of the 50 states are required to pay an annual real estate tax on their property, explains Scott Davis of Prager Metis Accountants. Individuals and businesses are assessed a personal property tax for vehicles and business equipment in most states as well.

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Who has to pay property taxes?
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Full Answer

Property taxes are locally assessed and are managed by the local city or county assessor. Tax laws vary from state to state, and all states offer tax exemptions, says Davis. It is the burden of the property owner to be aware of fair market value of the property and of any potential exemption status.

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