Various tax files

What is Property Tax?

Property tax is a financial value that an individual or other legal entity is required to pay on a property. This tax is calculated and determined by the municipal government who assigns a tax assessor who then goes and assesses the local estate. This tax is usually recalculated annually. The amount one is taxed is dependent on how much land one owns and where their property is located geographically.

Why is Ownership Tax important?

This tax is what funds public attractions such as community pools, libraries, city road work, and other community projects. It is paid directly to your local government to help fund law enforcement, fire departments, and any local government initiatives.

When a tax is left unpaid on a property, the taxing authority will most likely assign a lien against the property. This means that the property holder can obtain access to the property if the debts are left unpaid.

Property Tax in Startup Wars

For example, if the user chooses to start their company in New York City they will be taxed a larger amount than if they chose to start their company in Columbus. The amount the user is taxed is dependent on where they choose to set up their business.

This reflects how each different state uses their own process for deciding tax rates and more. This is important information to consider when starting a business.

What Are Property and Ownership Taxes?

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Charlotte Kane
Charlotte Kane Undergraduate Student, The Ohio State University

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Darshita Bajoria Undergraduate Student, The Ohio State University

Startup Wars is an interactive way to learn and hone entrepreneurial skills while being a no-risk outlet. Great tool for those pursuing entrepreneurship.