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)

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References in periodicals archive ?
The real estate tax in Manila was raised by 300 percent under the administration of former Manila Mayor Joseph "Erap" Estrada to pay the P5.5 billion debt of the city in 2013.
CAIRO -11 August 2018: The state has been running a campaign encouraging citizens to submit real estate tax declarations before Aug.
He pointed out that if the taxpayer has paid the real estate tax until 2017, the deadline for the current year's due tax payment is until the end of December 2018.
When the government announced the prices rising, a number of apartments -- such as the Donghyun Apartments in Gangnam-gu or the Jamsil L's Apartments in Songpa-gu -- have been newly subjected to steeper real estate taxes, even if the owners don't own other homes.
(http://www.nj.com/politics/index.ssf/2017/02/njs_2016_top-taxed_towns.html) New Jersey sits at the bottom of the list with the highest effective real estate tax rate in the nation.
The real estate tax is paid annually, and it can be paid in two parts.
This is because real estate tax assessments, the value upon which the tax rate is multiplied to determine the tax amount payable, will continue to rise.
Tax lien expert Don Sausa presents The Complete Guide to Real Estate Tax Liens and Foreclosure Deeds, a guide for lay readers of modest means and up to investing in a secure market favored by the rich--government tax auctions, in which tax lien certificates and tax deeds are sold for pennies on the market value dollar.
On their 2001 joint return, they deducted their proportionate share ($10,489) of the housing corporation's real estate taxes from their adjusted gross income.
Owners of high-priced properties will be subject to an additional tax via the new comprehensive real estate tax. Those who own homes valued at more than 900 million won (about US$0.9 million) by the National Tax Service, empty lots valued at 600 million won (about US$0.6 million), and land designated for business purposes worth 4 billion won (about US$3.0 million) will be subject to the central government comprehensive real estate tax in addition to existing real estate taxes.
The Transamerica businesses--Transamerica Real Estate Tax Service Inc., Dallas, and Transamerica Flood Hazard Certification Inc., Hasbrouck Heights, New Jersey--which had combined revenue of $241.7 million in 2002 according to Transamerica, will be integrated with First American's existing real estate tax service and flood hazard certification businesses.

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