Property Tax Obligations

Property tax obligations are another type of tax specific obligation type. Property tax obligations are based off the assessed value of a taxpayer's asset. Typically they are items such as real estate or automobiles but can include boats, RV's, and other high value items. They differ from filing period obligations in that it is the tax authority's responsibility to assess the value and calculate the amount of tax owed. It is then the taxpayer's responsibility to either pay or appeal the assessed value. The considerations are very similar to filing period obligations.