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Property Taxes

Property taxes have been used to fund government functions for years. These government functions can include local and community services, schools, infrastructure and other projects. The price of property taxes can vary from location to location, but it’s generally based on the property’s value. Because all homeowners pay property taxes, it’s important for prospective and new homeowners to understand what property taxes are, how they’re calculated and more.

As you search for a new home and apply for a mortgage, make sure to consider the accompanying property taxes because they will be a continuous expense. It’s crucial that as a homeowner you’re able to afford your home’s bills as well as the property tax payments.

 

What Is Property Tax?

Property tax is paid by an individual or entity on an owned property. Property taxes are a type of “ad-valorem” tax, which means they’re based on the assessed value of real property and some tangible personal property, such as house(s).

 

 

How To Calculate Property Tax

If you’re interested in estimating the value of your property taxes yourself, you can follow this formula:

 

Property Tax = Assessed Value x Tax Rate

 

Since there are many factors that go into each portion of this equation, the answer you come up with will only be an estimate and may not mirror how much you actually end up paying in property taxes – but it can be good to see an estimate to get a feel for where you’re at.

The property value in this equation is the assessed value of your home. Your assessed value can be estimated by looking at comparative properties or calculated by someone like a home assessor. Your tax rate will vary depending on where you live; it is usually decided by your city or town. However, it’s important to note that the assessed value doesn’t necessarily match the appraised value.

Here’s an example: Let’s say you live in Accra, and the assessed value of your home is around GHS280,000. Assume the average tax rate is about 2.1%, so how much should you expect to pay in property tax?

Property Tax = (GHS280,000) x (2.1%)

GHS5,880 = (GHS280,000) x (2.1%)

According to this example, you could expect to pay about GHS5,880 annually. If you’d like to try the formula for yourself, you can likely find your city or town's average tax rate.

 

 

What Is Property Tax Used For?

Whether you realize it or not, property taxes are used to fund many initiatives and services that may affect your daily life, like local governments’ activities, including law enforcement, fire protection, community pools, libraries, city road work and other community projects.


 

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