Property tax is a government fee assessed on property paid by an individual, corporation, or other legal entity. Property tax is most often assessed by the local government and then paid by the property owner.

Property tax is calculated based on the property value of the land or property. In addition, some localities will include the value of personal property such as cars or boats. 

Property taxes are assessed either annually or semi-annually. When property taxes must be paid varies by jurisdiction, with each local government or state choosing its own dates as the deadline to file and pay property tax. 

The property tax is assessed based on the valuation of property and the set tax rate. The best way to lower property taxes is to take into consideration ways to reduce the assessed value of a property. This can be done by challenging the assessed value that the municipality has found.

Additionally, there are exemptions to property tax that certain individuals can qualify for. Common exemptions include senior citizen exemptions, disability exemptions, homestead exemptions, and veteran exemptions. 

Disagreeing with the assessed value of property for the purposes of calculating property is a challenging endeavor. If not done properly, the individual can be found in violation of their obligations and receive fines or even criminal penalties. Individuals looking to challenge their assessed property value should consult a real estate attorney to explore their options.