property tax

(redirected from Mill levy)
Also found in: Dictionary, Thesaurus, Financial, Encyclopedia.

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.
When asked why the city is asking to maintain the mill levy rather than decrease it proportionately to the rate of growth, City Administrator Joseph Mangiamelli reminded citizens Columbus has the second lowest levy rate among first class cities in Nebraska.
That is, if natural resources had not declined, the statewide average mill levy would have risen a more modest 33 mills or 13 percent rather than the 50 percent it actually rose.
Rose also said there may be resistance from the counties that currently don't pay the extra mill levy.
LIMITED OPERATIONS; SOLID RESULTS: The operations and maintenance (O&M) requirements of the district are modest and funded by an unlimited O&M mill levy which Fitch considers positively.
The Midland design work will utilize $158,000 in funding from the Garfield County Road and Bridge mill levy, as well as funds from the newly passed 5 percent marijuana excise tax, a portion of which is going into the city street tax fund.
Fiscal 2017 does not include the renewal/replacement of the 15 mill levy.
0 Mill Levy Based On The Most Recent Taxable Value 2) Allocate The Revenue Proportionally Among The Watersheds In Each County Based On The Geographic Extent Of The Watersheds.
INADEQUATE MILL LEVY: The district's current operational mill levy of 6.
044 mill levy would increase the taxes on a $100,000 home in the city limits to $23.