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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) |
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Councilors also voted to explore other possible taxes or fees to fund street work, including a property tax levy that would need to be approved by voters, and an assessment on parking spaces at homes and businesses that wouldn't require voter approval. Superintendent Ross Dunlap had watched voters defeat seven earlier tax levy attempts. Council has already approved a two-per cent tax levy increase for 2001 but, under the impending legislation, council would have to go back and re-assign the entire increase onto residential taxpayers or find a way to function without the increase. |
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Tax levy
