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 ?
The House's tweak to the property tax bill angered leadership in the Senate and partially led to the special session.
Oregon's property tax system has a number of shortcomings.
Yet we need to recognize that there is a danger in further encouraging the use of the property tax; state and local governments are already overusing the federal government's debt financing subsidy, including for financings secured by property tax revenues.
Taxpayers in Nassau County pay the highest property taxes in the nation, with a median property tax bill of $8,478 per household.
In addition to granting property tax relief, the fund would promote fiscal stability by providing an additional incentive for communities to save taxpayer dollars.
A Chicago Reporter analysis of the Illinois State Board of Education data shows that school districts with the lowest property tax rates generated much more in local revenue per pupil than those with property tax rates two, three, and even five times higher.
The past three decades have witnessed a significant drop in property tax revenues as a share of municipal revenues (see chart).
It is interesting to note, however, that the major political opposition has coalesced in states like Vermont which, like California, chose to equalize school funding by means of a statewide property tax.
Finally, states with abundant natural resources - like Alaska and Wyoming - have high property tax levels but low resident tax burdens because they can export property taxes to nonresidents through taxes on energy or mining companies.
Far-reaching proposals to replace the property tax for schools have been considered this year in South Carolina, Vermont and Wisconsin.
SAN DIEGO -- RPC Property Tax Advisors (RPC) is alerting California commercial property owners that July 2 is the first day to file a 2012 assessment appeal in all 58 California counties, according to Ken Sullivan, managing principal of RPC Property Tax Advisors, a California-based property tax advocacy and consulting firm.
Francis today to discuss the elimination of the state portion of the property tax levy for the first time since 1931 and other property tax reforms.

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