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 ?
My home value between 2016-2017 only went up by $10,000, but my property taxes increased by $2,500.
76) Yet I do not think that the SALT deduction should allow a deduction for user fees, but do think that it should allow for a deduction for property taxes and special assessments (and, ideally, exclusively so).
In subsequent years, the percentage of money distributed on a performance basis to control property taxes could gradually increase.
A decision by Washington state voters to limit local property taxes would be another chink in the armor of what once was, but is no longer, the predominant local tax.
Priest, affluent property owners can all too easily be tempted to take part in revolts against increases in property taxes when such revenues are suddenly diverted to pay for schools in other districts.
Despite these limitations, most interstate property tax comparisons divide state and local property tax collections by state personal income as a rough measure of the relative level of property taxes within a state.
In a 24-hour blaze of lawmaking, Michigan legislators stunned even themselves by passing a controversial bill abolishing the practice of funding schools with property taxes.
If local income or sales taxes were substituted for property taxes, inequalities in local tax bases would be even greater.
If this filing period is missed the taxpayer loses any opportunity for a refund of their 2012 property taxes.
Texas school districts currently collect about $22 billion in property taxes, and bringing back a statewide property tax to fund public education - without replacing other local property taxes levied by cities, counties and other entities - would come with some challenges.
Property taxes will decline in a few taxing districts, including Oakridge, Pleasant Hill and those portions of Eugene inside the Bethel School District.
The consensus among advocates is a change in tax structure is needed so local property taxes are not the prime determiner of the money schools receive.

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