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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) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Only a month into the job, the school board informed him of a $2 million shortfall in the current budget and offered him the choice of cutting operating expenses to fully close the gap or to wage a mill levy campaign, knowing voters had twice rejected proposed tax increases in the previous four years. 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. However, after gathering voter support and passing a mill levy override, the district reported a year-end general fund surplus of $2. |
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