Property tax is a fee that local governments charge homeowners and property owners based on the value of their property. This tax helps fund essential services such as schools, roads, and public safety. The amount you pay can vary depending on where you live and the assessed value of your property. The assessment process involves determining the market value of a property, which is usually done by a local assessor. Property taxes are typically paid annually or semi-annually, and failure to pay can result in penalties or even foreclosure on the property.