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First, determine the property's assessed value. Most areas use this value to calculate tax rates. For example, if your property is valued at $300,000 and the local tax rate is 1%, your annual tax would be $3,000. 📝

Next, consider any deductions or exemptions. Some regions offer tax breaks for first-time landlords or properties in certain zones. Check local regulations to see if you qualify. ✅

Additionally, factor in any improvements or renovations. These can increase your property’s value and, consequently, its tax burden. 🛠️

Lastly, keep an eye on local tax rates. They can change annually based on municipal budgets. Staying informed helps avoid surprises. 📌

Understanding these steps ensures you budget correctly and comply with local laws. 🧮