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 ?
Harper said he is very concerned, though, about the largest portions of money earmarked by the citys tax levy.
Even with those rates, businesses would still be funding a larger percentage of the tax levy than home owners.
Different from the original version, major shareholders with over 3% shareholding and high income earners with net income, other than stock transaction gains, exceeding NT$5 million, are also eligible for tax levy system based on assumptive gains.
The total tax levy is limited by the statewide I-747 tax initiative, which applies a 1% growth limitation to the total levy, including the debt service component (although the debt service levy tax rate is unlimited).
County Manager Dan Palmer said the budget is the first step in a plan to decrease its tax levy increases over the next five years.
Under the minimum tax burden system, a family with basic total income, which includes taxable income and free-tax income, exceeding NT$6 million will be subject to tax levy.
The Santa Clara Fire District's five-year tax levy, to help replace aging equipment, passed with 2,690 yes votes to 1,955 no votes.
The bonds are secured by the pledge and assignment of a dollar-fixed property tax levy upon all taxable real property within the Town of Onondaga.
Taxing districts must file a Levy Ordinance/Resolution, a Tax Levy Certificate, a Truth in Taxation Certificate, and a Levy Summary sheet with the Kane County Clerks Office on or before Dec.
Taipei, April 6, 2012 (CENS) -- Due to the consideration of international taxation competitiveness, tax levy cost, and alleviation of the impact on the market, individual investors and foreign institutional investors (FINIs) will be exempt from the levy of capital gains tax for securities, concluded the sound finance panel, under the Ministry of Finance (MOF), yesterday (April 5).
So, the combination of declining property values and an ever-increasing tax levy over the next few years could very well put Worcester on a collision course with its tax-levy ceiling.
It's not lack of need that drove Lisa Smith to recommend against putting a new property tax levy on the November general election ballot to pay for juvenile justice programs.