assessment is made up of the improvement or building value and the land or site value.
Home buyers should become familiar with the property tax structure, rates, and procedures applicable in the region in which they intend to purchase a home. Once the taxes are assessed, the decision of the municipality has a binding effect on the property owners. The payment schedule pertaining to the property taxes differ from region to region. It’s important that property taxes are paid on time and property owners know the implications of defaulting on the taxes, what penalties delinquent taxes will invite, and how to redeem the property on which delinquent taxes are owed. All of this is covered in the rest of this book.
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