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property tax
(redirected from Property taxes)

   Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia 0.01 sec.

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)



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Owners of apartments less than 80 square meters in size and houses less than 150 square meters in size in Bishkek and Osh will be exempt from real property taxes.
For example: The owner of a home inside the city of Santa Fe that has a market rate of $300,000 (and is assessed for tax purposes at one-third of that, or $100,000) will pay $1,961 in property taxes this coming year, as opposed to about $1,938 last year.
Property Taxes Condo owners are taxed separately since owned condos appear on the property tax roster as separate entities.
 
 
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