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Property Taxes

Property taxes, also known as real estate taxes, are assessed on your property by your local government (e.g., city, county, village or township) for the various services provided to you. When you pay property taxes each year, you’re paying for necessities such as police and fire department services, garbage pickup and snow removal.

Typically, you’ll pay property taxes into an escrow account, and your lender will forward the payment to your local government when it becomes due. Property taxes and the interest you pay on your mortgage are usually tax deductible.

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