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.
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.
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.
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.
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.
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.
The State Budget Law for 2018 introduced changes that will simplify the rules of Additional to the Municipal Property Tax, facilitating the exercise of tax options and reinforcing taxpayers' guarantees.
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.
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.
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.
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.
Freeze the municipal property tax on apartment buildings while undertaking a review of how the high property tax burden for these buildings affects housing affordability in the rental market.

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