Property taxes are fees that homeowners pay to their local government based on the value of their property. These taxes help 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. Local governments assess properties periodically to determine their value, which is then used to calculate the tax owed. Homeowners typically receive a tax bill each year, and failure to pay property taxes can result in penalties or even the loss of the property through foreclosure.