Real property tax


Also found in: Acronyms.

Real Property Tax

A property tax on local real estate that is calculated according to the fair market value of the real estate. That is, a real property tax is assessed as a percentage of the amount for which the owner would be able to sell the property in the current market. As a result, real property taxes increase when the local property market is bullish and decline when it is bearish.

Real property tax.

A real property tax is a local tax on the value of real estate. The property may be assessed at full value, which is presumably the price that the owner could sell it for in the current market, or using some other valuation method.

The taxing agency, such as a county, city, town, or village, sets a tax rate, which is multiplied by the assessed value of each property to determine the tax due on that property.

You may be able to deduct real property taxes on your federal income tax return, but large deductions for real estate taxes are one of the factors that may result in your owing the alternative minimum tax (AMT).

References in periodicals archive ?
In addition to the real property tax credit, the act extends the life of the enhanced real property circuit breaker for four years--from January 1, 2016--and repeals it effective January 1, 2020.
The Tax Court found the QEZE real property tax credit to be different from the other credits.
If household gross income for the taxable year is less than $100,000, then excess real property taxes are the excess of real property tax equivalent or the excess of qualifying real property taxes over 4% of household gross income and the credit is 4.
4, which includes a completely redesigned, comprehensive real property tax module.
In connection with its 1998 real property tax assessment, Cass County, Nebraska, hired an outside appraiser to value the mineral interests of certain real property in the county.
Supplemental tax bills have been part of buying a home since the Supplemental Real Property Tax Law took effect in July 1983 as part of an effort to help fund California schools.
Annual real property tax payments made after March, however, are charged an eight-percent penalty, while late quarterly payments are slapped with a two-percent fine per month.
This year, the countywide Metro real property tax rate will go from 12.
If fully enforced and properly administered, real property tax is a progressive and stable source of revenues to be shared to municipalities, barangay, and local school boards," DOF said.
Spinola commented, "New York City's real property tax system is unnecessarily complicated, places an unfair tax burden on residential rental and office buildings and impedes capital investment and economic growth.
The real property tax exemption is the subject of the Cuno's Petition for a Writ of Certiorari in Charlotte Cuno, et al.

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