How does the property tax system work?
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I am going to sell my property very soon, because I need some funds. This is a new experience for me. Please explain how the property tax system operates. Could you please explain the process of calculating property taxes? Are there any other taxes that I need to submit after selling my property?
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In the US, the estimated value of your property, based on your living area, determines your property taxes. When you sell your property, you have to pay capital gains tax and city transfer tax.
For accurate details, it's better to take help from a real estate agent or tax expert. Only they can tell you the exact calculations and deductions on your property.