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 ?

This first year alone resulted in a reduction of property tax revenues by more than $2.1 billion, with municipal property taxes being reduced by approximately $500 million.

Subprime property taxes blues

On appeal, the Commissioner argued that the court improperly determined the fair market value of the condemned property on the basis of a five-year-old municipal property tax assessment.

Fair market value determined by current highest and best use

The city of Eugene, for instance, provides support for programs in the Eugene and Bethel school districts through a voter-approved municipal property tax levy.

Renew school levy

The agreement includes provisions for the sharing of costs for a major wastewater treatment facility expansion and upgrade, sharing of costs for cultural amenities, and one of the largest municipal property tax revenue sharing plans in the country.

A new model for fiscal regionalism: greater Racines plan for overcoming fiscal disparity

The proposals are built around the following principles: 1) statewide municipal property tax relief is essential to urban revitalization; 2) state economic development funding must provide incentives for a bottom-up planning process; 3) tourism presents an opportunity for the economy and the environment to come together to benefit all New Yorkers; and 4) the interdependence of urban, suburban, and rural areas must be acknowledged if each area is to prosper.

New York Cities Unite to Fight Sprawl

At the same time, the village faces a more difficult future, Oak Brook has no municipal property tax and its residents are not going to accept lower services or inadequate infrastructure.

Village president: Baar

The province negotiates the O.P.P.'s salary, then mandates municipalities--regardless of their size or ability to pay--to fund their policing through the municipal property tax base.

Police salaries unaffordable, says retired taxpayer

For example, it's estimated that between 2001 and 2005, provincial property tax revenues from mining firms grew by 110 per cent; conversely, municipal property tax revenues declined by 4.5 per cent.

Sudbury to ask province for mining revenue share: new report encourages city to earn back revenues from province

The Senate last week began action on the massive urban aid tax bill by adding more than $3 billion for cities to designate 100 additional cities and towns as enterprise zones and by dropping an NLC-opposed municipal property tax reporting mandate.

Senate starts work on urban aid tax bill

Like the original bill, the amendment proposed by Jonathan Giegerich, tax manager of Unitil, would transfer authority for appraising local utility property for municipal property tax purposes from the municipalities to the DRA.

Pole taxes: Utilities, municipalities battle over how property value is determined