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 ?
Despite revenue growing and spending shrinking, he explained that the tax levy would raise dramatically since the county used $6.
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.
That year legislation diverted the CTPF tax levy into the CPS operating budget.
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.
During yesterday's meeting, most panel members stressed that under the principle of taxation fairness, the government should take into consideration a number of practical issues, including stability of taxation income, tax levy cost, impact on the financial market and economy, and international taxation competitiveness.
Property tax changes by jurisdiction are shown below: Estimated statewide property tax levy increases Payable 2006 actual to Payable 2007 proposed Cities 9.
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.
The yearly property tax bill for a Los Angeles home includes a general tax levy equal to 1 percent of its net assessed value, plus add-on taxes and charges.
The effective tax rate is the tax levy divided by the city's market value and makes class comparisons possible on a value basis.