Lakewood, California Property Tax Law
In Lakewood, California, the government imposes a tax (a legally-mandated payment made to the government) on real property. "Real property" is defined as any piece of land, or object permanently or semi-permanently adhered to the land (such as buildings, trees, minerals, etc.).
In Lakewood, California, property taxes are measured as a percentage of the land's value. They are most commonly paid annually. But in any case, they are paid at some set interval.
Typically, property taxes are not levied by the federal government. This applies to everywhere in the U.S.. Normally, property taxes are imposed by state and local governments.
How Property Tax is Calculated in Lakewood, California
Lakewood, California calculates its property taxes by requiring property owners to pay a set percentage of the appraised value. While the property tax rate varies greatly across different parts of the country, they fall into the 1-5% range.
To collect the property tax, the authorities of Lakewood, California have to first determine the value of a individual piece of land.
Value, in some ways, is not an objective thing. For example, your childhood home is probably worth much more to you than its simple market value. However, the tax authorities use only objective factors in calculating a home's taxable value.
Thus, the people in charge of appraising the value of property in Lakewood, California have to consider only objective, factual criteria when calculating the value of a piece of land. These criteria include the state of the real estate market, the zoning of the land (which determines how it can be used), and any improvements that have been made to the land, among other things.
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How A Lakewood, California Property Tax Attorney Can Help.
Lakewood, California's property tax system is somewhat convoluted. Legal disputes arising from property taxes can arise in a number of ways. For instance, the state might accuse a homeowner of failing to pay their property taxes, when they really have. Conversely, a homeowner might believe that the value of their property was appraised inaccurately, resulting in a higher tax bill.
If you run into any issue with your Lakewood, California property taxes, failing to handle it properly can result in anything from unnecessary inconvenience to massive fines and tax penalties. However, with the help of a Lakewood, California tax attorney, your chances of running into a property tax problem can be minimized.