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 ?
It can and does set the top amount school districts are allowed to levy, however, and as long as not too many of them charge that top rate, the state can tell the courts that it isn't setting property tax rates.
With the 1-800-LAW-FIRM, PLLC property tax calculator, property owners will know immediately if they are overpaying taxes with the click of a button.
In Eugene, property tax collections amount to about 75 percent of public safety costs, but in other cities the percentage is much higher.
They pay nearly $11,000 annually in property taxes, close to three times the median property tax bill in New York state.
And, coupled with low property tax rates, these communities continue to attract development that keeps their economies--and their schools--vibrant.
Unless a company is in the tax business, property tax compliance will not be one of its core function.
However, the appeals court affirmed the lower court's decision that the property tax abatement was proper.
This latest effort highlights the plight of the property tax -- much maligned and frequently constrained.
Indeed, a national property tax or sales tax to bring about national equalization of school funding might recapitulate, on a national scale, the unintended consequences of California's disastrous experiment.
Finally, states with abundant natural resources - like Alaska and Wyoming - have high property tax levels but low resident tax burdens because they can export property taxes to nonresidents through taxes on energy or mining companies.
Michigan's property tax was far higher than those of most other states.
Every commercial and apartment property owner or manager should review their tax assessments annually to avoid missing out on substantial property tax refunds," Sullivan said.

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