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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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public votes on mill rate increases and large capital project expenditures The fiscal 2007 budget provides for a significant reduction in the mill rate due to the significant increase in AV with the revaluation. 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. |
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