Can someone explain to me this US house tax?
Who do you pay it to and who decides how much it should be?
Do you still have to pay it even if you've cleared your mortgage?
Is it similar to the council tax we have in the UK where you pay a certain amount based on what "tax band" your house is in?
It's a percentage set by town/area times the assessed value (assessed value is usually a percentage of fair market value) of the home. Yes, you still pay after the mortgage is paid off, but you have tax breaks both federally and by state that can lower them, based on income, use, condition, etc....
The bulk of the property tax on that property above goes to school/educational taxes, around 3/4 of the tax bill.
