property tax

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Property tax

A tax levied on real property based on its use and its assessed value.

Property Tax

A tax on the value of land or improvements (i.e. buildings). Occasionally, property taxes are levied on personal property, such as automobiles or securities, as well. All property taxes are calculated as a percentage of the value of the property. In the United States, most property taxes are levied at the city or county levels, and are used for municipal improvements, such as roads or snow removal. Municipalities can issue bonds that are secured by the proceeds on property taxes.

property tax

property tax

See ad valorem tax.

References in periodicals archive ?
First, Missoula's mill levy was the highest among the cities in both the earlier and later periods.
Counties receive about 20 percent of all property taxes, cities and towns about 8 percent, and the remaining 10 percent goes for all other uses - including the university 6 mill levy, state assumption of welfare, and fire and miscellaneous districts.
PS Funding from mill levy tied to increased student achievement; part of instructional services budget Montgomery County (Md.
Revenue constraints are caused in part by the district's limited operational mill levy.
Supplemental funding in the form of SCP funds and the mill levy are critical, since without these funds, Rehoboth would be unprofitable.
The district's goal for its own mill levy is to maintain it at the current 27 mill rate.
IMPROVED FINANCIAL PROFILE: The district's financial performance has improved despite state aid cuts and assessed value (AV) declines, aided by the district's practice to budget contingency reserves and voters' consistent support for mill levy overrides.
4x in fiscal 2007 (although coverage including the non-pledged mill levy revenues was closer to 1.
In response, the district maintained a level total mill levy but shifted a portion to debt service.