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 ?
He said that 50 percent property tax would be increased according
He said, the court directed the defaulters to deposit bank guarantee or pay the property tax.
The report analyzed property tax data collected from county tax assessor offices nationwide at the state, metro and county levels along with estimated market values of single family homes calculated using an automated valuation model (AVM).
Mahmood welcomed installation of the state-of-the-art machine as it would enable the business community to pay property tax online.
The official said that the property tax was being imposed on above five marla property, however, the five marla property being used in any commercial activity would also be charged property tax.
He said that there was a need to create awareness among the general people regarding payment of property tax.
The Village levies its property tax based upon a dollar amount--and for the past 12 years the Village has maintained the same General Fund Property Tax Levy, which is used to fund operations of the Village, such as police and fire services, road maintenance, and snow removal.
All homeowners are eligible to have the taxable values on their homes reduced by $25,000 for school district taxes that typically account for more than half of a property tax bill, as long as they apply for a residence homestead exemption, according to Debbie Cartwright, counsel for the Texas Taxpayers and Research Association.
She helped bring down property tax from a high of 25pc to 5pc and revised rental rates upward by 50pc to bring them closer to reflect the market rents in 2014/2015, as part of her tax reform agenda.
It is interesting to note that earlier there were only 35,000 households registered for collection of property tax but the fresh survey has revealed an amazing figure of 65,000 houses fit for levy of property tax.
CoreLogic said that the state with the highest median property tax rate is Illinois, at 2.67 percent.

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