Question

why are property tax bills important for unrecorded retirements of property (land)?

why are property tax bills important for unrecorded retirements of property (land)?

Homework Answers

Answer #1

Property tax bills are the proof that the person has paid property taxes on their property. It is levied on state level and is calculated  as:

The fair market valueof the property x an assessment ratio x a tax rate, and is generally an obligation of the owner of the property. If and when property tax is not paid than it would lead to finding that person has either faulted at the payment or the transfer has been made as the new owner will be paying the tax now. Thus it can lead to find out if any unrecorded retirement has been made.

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