property tax

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property tax

n. an annual local governmental tax on real property or personal property based on a tax rate (so many dollars or cents per $100 value of the property.) The value is usually established by an Assessor, a county official. In California the assessed value of real property is based on the amount of the last sale of the property, and the tax is limited to 1% of that figure (with a few minor exceptions) under the so-called "Proposition 13" state constitutional provision. In addition, there are special assessments for particular public property improvements such as sidewalks, tree planting, or storm drains which are charged to each property owner on the street in which the improvements are made. (See: ad valorem, tax)

References in periodicals archive ?
Total appropriated funds by Missoula County are the highest among the large Montana counties--about 28 percent above the six-county average--and therefore are one reason that Missoula County's mill levy is the second highest.
When asked why the city is asking to maintain the mill levy rather than decrease it proportionately to the rate of growth, City Administrator Joseph Mangiamelli reminded citizens Columbus has the second lowest levy rate among first class cities in Nebraska.
That is, if natural resources had not declined, the statewide average mill levy would have risen a more modest 33 mills or 13 percent rather than the 50 percent it actually rose.
These gains are especially important here, since additional revenue from the mill levy that funded the coaching program depends on it "We get [funds] as we achieve," Hammond says.
The district's limited operating costs and high reserve levels provide it with ample financial flexibility, aided by an unlimited O&M mill levy.
INADEQUATE MILL LEVY: The district's current operational mill levy of 6.
The city's support for this program is evident by its one-half mill levy tax pledge that would, if needed, bring in an estimated $1.
RELIANCE ON SUPPLEMENTAL FUNDING: Rehoboth remains highly reliant on sole community provider (SCP) funds and tax revenue from a mill levy for profitability.
Future potential reassessment losses or continued sluggish building activity are mitigated by the unlimited mill levy flexibility.