Question #1: How are my property taxes calculated?
Answer: Your property taxes are determined based on your local government’s “assessed” value of the property. The exact rate, and assessment rules will vary widely depending where you live, but there are a few general property tax rules. Generally, a local government agency will either base the taxes off of the home’s most recent sales price, or they might have an assessor regularly determine the current market value of the home. Some government agencies update their records every year, however most simply rely on recent sales prices, which may date back decades.
Question #2: Roni, I recently moved to a new city in the same state. How do I notify the IRS of the change?