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 ?
(4) The terms "tax amount" and "mill rate" are used here for clarity.
The borough's mill rate has steadily increased from 9.69 in 1987 to today's 15.174, which was capped by a voter initiative several years ago.
This is calculated at the city-library-school boards' combined mill rate of 136.93 (12) (M) on an average assessment of $10,605 per dwelling unit (13) (A).
5 Custer's mill rate is exceeded by Deer Lodge (158), Glacier (114), Powder River (159), and Wibaux (182).
TF is the assessor's tax load, tax rider, or mill rate.
In some states, the residential and commercial property tax rates differ, often referred to as split taxing jurisdictions, whereby commercial property owners pay a different (often higher) mill rate than that of a residential property owner.
The PEA outlines a mill rate of 29,000 tonnes per day, with an average annual gold production of 302,000 ounces.
The rejected budget would have required a 17.97 mill rate, which many believe led voters to say no to a proposed plan for the first time in nearly 15 years.
The fiscal 2019 general fund budget of $354 million is up 3% compared to the prior year and includes a roughly $13 million, or 4% increase in the total tax levy, as a result of modest grand list growth and an increase in the mill rate to 26.2 mills.
The Board of Finance was scheduled to meet after the vote and was expected to set the mill rate at 17.97, in order to pay for the spending plan.
Table 1 Taxable Values, Mill Rates, and Taxes Levied Statewide Taxable Value Mill Rate Taxes Fiscal Year ($ Millions) (Average) Levied 1987 2,308 242 559 1988 2,001 265 531 1989 1,943 256 498 1990 1,907 281 535 1991 1,573 327 514 1992 1,595 338 539 1993 1,633 344 561 1994 1,732 353 628 Change: '87 -576 120 69 to '94 Source: Department of Agricultural Economics and Economics, Montana State University, Bozeman, MT.