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.
Fourth quarter results in 1997 were impacted by the municipal property tax settlement that reduced the per share loss for the quarter by $0.
The County and Municipal Property Tax Relief Act - House Bill 1858 awaits the conclusion of Second Consideration in the House.
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.
Cash-strapped municipalities warned of collapse if they did not collect the municipal property tax for this year.
Contract notice: Custody of the collection service, even coercive, municipal property tax / municipal tax of its own, the tax on services indivisible fee occupation of public, of the advertising tax and bill-posting.

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