Property taxes are annual taxes levied by local governments based on the assessed value of a property, used to fund public services like schools, roads, and emergency services.
Property taxes are one of the largest ongoing costs of homeownership and vary widely by location. For luxury properties, the annual tax bill can be substantial — sometimes tens of thousands of dollars. These taxes are owed regardless of how often the home is used, making them a significant consideration for second-home buyers evaluating total cost of ownership.
GoForth, a luxury co-ownership company, splits property taxes equally among the four owner families in each LLC. This means each family pays only a quarter of the annual tax bill, making luxury destinations with higher tax rates far more affordable. GoForth handles tax payments through the property management budget so owners do not need to coordinate or worry about deadlines.