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 ?
But limits on property taxes are only one part of the story of the decline in the property tax's role in local government.
Priest, affluent property owners can all too easily be tempted to take part in revolts against increases in property taxes when such revenues are suddenly diverted to pay for schools in other districts.
Despite these limitations, most interstate property tax comparisons divide state and local property tax collections by state personal income as a rough measure of the relative level of property taxes within a state.
Described by The New York Times as "the nation's most dramatic shift in a century" in public-school funding, the new plan essentially transfers the burden of paying for schools in Michigan away from local property taxes to an increased state sales tax and other existing levies.
By 1991 (the last year for which statistics are available), property taxes were back up to 3.
RPC also offers full assessment appeal and audit representation for Personal Property Taxes (FF&E).
Before Measure 5, property taxes were limited only by voters' willingness to approve them.
For every dollar spent on the program in the county, nearly $15 in property taxes is generated.
12 indicates little has been done to address the distortions in Ontario's property tax system and small businesses are shouldering the greatest burden for property taxes.
Mississippi's New Industrial Enterprise Exemption (11) permits its local governments to obtain permission from the State Tax Commission to offer up to 10-year exemptions from certain types of property taxes (other than state-mandated or school-related) for personal property used in new warehouses, distribution centers, manufacturers, research facilities, corporate headquarters, and other specifically enumerated businesses.
Similarly, property taxes improve the accuracy with which the wealth of senior citizens -- whose assets tend to dramatically outweigh their cash incomes -- can be taxed.

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