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 ?
Beyond eliminating the BET, their scenario would substantially reduce municipal property taxes on businesses.
But few at the state level--where the relentless drive to limit municipal property taxes continues--appear to have given any thought with regard to the impact on those tax revenues, the single-most important source of tax revenues for the nation's schools and local governments.
The Municipal Development Fund/Fondo de Fomento Municipal (FFM) is distributed by the federal government preferentially to those states in which the collection of municipal property taxes and water supply charges have risen the fastest.
These taxes are imposed annually through a business tax bylaw and in addition to any municipal property taxes.

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