Introduction to Property Tax for Kids and Teens
This video explains the concept of property tax in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about property tax, or used as a money & personal finance resource by parents and teachers as part of a Financial Literacy course or K-12 curriculum.
Suitable for students from grade levels:
- Elementary School
- Middle School
- High School
The topics covered are:
- What is Property Tax
- How is it calculated
- Who is it paid to
- What is the assessed value of a property
- How does property tax impact you
What is Property Tax?
The amount of property tax depends on the value of the property.
Both individuals and companies have to pay property tax.
How is Property tax calculated?
Property tax is calculated by multiplying the assessed value of the property by the property tax rate.
Property Tax rate is the rate at which the property is taxed and is determined by the local government where the property is located.
What is the assessed value of a property?
The assessed value of a property forms the basis for calculating property tax. It is the property’s value calculated by a tax assessor who is hired by the local government.
It is reevaluated periodically, and is usually slightly lower than the property’s market value.
Who do you pay property tax to?
Property tax is collected by the local government, which uses this money to fund essential services like law enforcement, the local fire department, libraries, schools, parks, etc.
The money can also go towards infrastructure improvement programs like road and highway construction.
How does property tax impact me?
Property tax is a significant expense to keep in mind when buying a house, because it is something you need to pay in addition to the mortgage payment.
Even after you pay off the mortgage and fully own your property, you continue to pay property tax.
Also, since property tax is based on the value of your property, it can change over time – and can go up if the property appreciates in value.
Download Transcript: Ideal for Use by Teachers in their Lesson Plan to Teach Kids & Teens
Podcast: What is Property Tax
Fun, informative and concise episodes by a 10-year old, breaking down complex financial concepts in a way that kids and beginners can understand. Episodes cover personal finance topics like saving, investing, banking, credit cards, insurance, real estate, mortgage, retirement planning, 401k, stocks, bonds, income tax, and more, and are in the form of a conversation between a cowboy (a finance novice) and his friend, a stock broker. Making finance your friend, only at Easy Peasy Finance.
A little bit about me: I have been fascinated with the world of personal finance since I was 6! I love to read personal finance books, and keep myself updated on the latest by reading various personal finance magazines. My friends often ask me questions about finance because they find it complex and intimidating. That’s what inspired me to start my YouTube channel called Easy Peasy Finance when I was 8, and this podcast 2 years later.
All you need to know about property tax: What is Property Tax and how is it calculated, What is the assessed value of a property, Who do you pay property tax to, How does property tax impact you, and more.
Show notes and transcript at: https://www.easypeasyfinance.com/property-tax-for-kids-beginners/