Residential property tax is a fee that homeowners pay to their local government based on the value of their property. This tax helps fund essential services such as public schools, police, fire departments, and road maintenance. The amount owed is typically calculated as a percentage of the property's assessed value. The assessment is usually conducted by a local tax assessor, who evaluates the property and determines its market value. Homeowners receive a tax bill annually, and the rates can vary significantly depending on the location and local government policies. Failure to pay these taxes can result in penalties or even foreclosure.