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 ?
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.
A sensible approach to municipal funding problems would be to: (i) shift most social service costs to the provinces; (ii) pursue municipal property tax reforms to reduce the scope for tax competition and exportation; (iii) raise more municipal revenue from user fees where reasonable; and (iv) reduce provincial transfers to municipalities.
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 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.
20 per share, which was the result of a municipal property tax settlement.
Vernon Hills does not collect a municipal property tax and relies on sales tax to fund police protection, snow plowing and other services.
Creating a geographic information system based database for levying and collecting safayi taxes, the municipal property tax used to finance public services such as business licensing fees, public land sales and property leases.
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.
Kelleher, Robins and Dixie, consultants specializing in waste and the environment, say that the cost of residential waste management service is usually buried-along with items like police and ambulance services--in municipal property tax bills.

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