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 ?
Total appropriated funds by Missoula County are the highest among the large Montana counties--about 28 percent above the six-county average--and therefore are one reason that Missoula County's mill levy is the second highest.
The officials, however, recognized that many Kansas local governments were under fiscal stress at the time of the reform and were experiencing relatively low increases in assessed property valuations and thought that those governments were likely to view the mill levy reduction as an opportunity to address revenue constraints.
If, however, political entities wish to provide a differential tax treatment to agricultural lands, it should be accomplished by adjusting the mill levy on the market value of this type of property.
Second, if a district generated more from the 32 mill levy than it was permitted to spend, the difference was to be "recaptured" by the state.
However, reductions in central office staffing, greater than budgeted enrollment growth, and partial-year revenue from the 2016 mill levy override (MLO) are estimated to increase general fund reserves to over 11% of spending in fiscal 2018.
Every one-tenth increase in the mill levy generates approximately one million dollars of revenue for Colorado.
For the 2009-10 fiscal year a mill levy rate of .328692 was established and that same rate is included in the proposed budget and, if approved, the property tax for a home with an assessed value of $100,000 would continue to pay $328.69 should valuation stay the same.
The combined mill levy of state and local governments and schools increased steadily.
To ensure an ongoing base of support, a library district was formed with its own mill levy. The operating budget for 1991 is $169,000.
General fund revenue growth is expected to remain above the rate of inflation as the impact of modest enrollment declines are more than offset by inflation-indexed mill levy overrides and expected increases in state appropriations.
The request for K-12 education also includes an increase of $11.0 million ($5.5 million General Fund) to equalization mill levy funding for Institute Charter Schools located in school districts that currently share mill levies with district sponsored charter schools.
Rose also said there may be resistance from the counties that currently don't pay the extra mill levy.