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 ?
In the next major statutory change, the 1989 Legislature eliminated the 1977 taxable value provision, returning to the older, simpler system of applying mill rates directly to assessed values.
It is the mill rate that is the unfair portion," said Quan.
Table 1 Taxable Values, Mill Rates, and Taxes Levied Statewide Taxable Value Mill Rate Taxes Fiscal Year ($ Millions) (Average) Levied 1987 2,308 242 559 1988 2,001 265 531 1989 1,943 256 498 1990 1,907 281 535 1991 1,573 327 514 1992 1,595 338 539 1993 1,633 344 561 1994 1,732 353 628 Change: '87 -576 120 69 to '94 Source: Department of Agricultural Economics and Economics, Montana State University, Bozeman, MT.
The finance board has also proposed a mill rate of 17.
The county's 2012 budget keeps the mill rate constant and supplements the lack of adequate revenues with the use of reserves to fund debt service.
The current mill rate of sugar is Rs 67 per kg; whole sale is Rs.
The reality of politics in town is that there is a pretty steep aversion to increasing the mill rate more than one mill," Mr.
5% annual mill rate increases will provide sufficient funds to both eliminate the deficit over the near term and sustain balanced operations going forward.
We're right on track with the mill rate (increase), for in the past few years the increase has been around a half a mill," Mr.
The fiscal 2007 budget provides for a significant reduction in the mill rate due to the significant increase in AV with the revaluation.
During this period, tax base growth and timely mill rate adjustments boosted the local share of budgeted revenues, reducing reliance on state aid, even as total general fund spending grew at a 6% annual pace.
After this increase flour bag of twenty kilogram would be available at Rs 541from X mill rate 541 while in local market flour price would be increase from Rs 545 to Rs 551.