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 ?
Currently, the mill rate for commercial property owners is 1.
SDCL 10-13-35, 10-13-38) When assessments rise faster than these tax limits, local officials compensate by lowering the mill rate.
Thus, counties with low taxable values tend to have high mill rates, and vice-versa.
The Ministry of Government Relations will conduct further review and consult with business stakeholders and the municipal sector to develop a long-term policy for placing limits on mill rate factors to take effect in 2014.
State law allows a maximum mill rate of 50 but this would require a change to the district's service plan by Aurora.
A mill rate equal to half the annual amount "would be more representative of such operations and would be an incentive for them to stay in business and improve amenities," Pouliot suggested.
This drawdown is largely due to pay-as-you-go capital expenditures (for which reserves were specifically set aside) and maintenance of mill rates at their current levels.
8 million) could have been levied with a mill rate of only 275 mills.
ADEQUATE TAXING MARGIN: Recent assessed value (AV) losses required an increase in the district's limited debt service mill rate but adequate margin remains beneath the cap to absorb additional AV losses or stagnant growth.
Taxable assessments are then multiplied by the mill rate, established by municipalities for the municipal portion and the province for the education portion, to determine property tax.
Groh said the finance board is hoping to keep an increase in the mill rate below 1.
11 mill rate have not been sufficient to cover debt service.