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 ?
If that court decides that the state's current limit amounts to an unconstitutional state-mandated property tax, the state could either move the limit and allow property taxes to rise or buy it down once again and add to the $9 billion.
This invaluable report is the basis for the property tax appeal process which Michigan residents can use to appeal their property taxes with the firm's Do-It-Yourself Property Tax Appeal Package.
For most, the city portion of your property tax bill largely reflects what it takes to keep your neighborhood safe and emergency responders at the ready.
It is appropriate to sign this property tax cap at the Gannon household, as millions of homeowners like them have had the deck stacked against them for too long.
The prospects are dimmer for poorer districts like Ford Heights and others in downstate farming communities that assess high property tax rates in an effort to generate money for area schools.
Outsourcing the property tax function to an outside specialty firm addresses each of these factors with a world-class solution.
There was no dispute that the Ohio investment tax credit and property tax abatement satisfied the first, second and fourth prongs.
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.
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.
The problem of big inequalities between rich and poor school districts is caused by reliance on local taxes, not dependence on the property tax per se.
A property tax reduction enhances the value of the property by reducing expenses and increasing net operating income.

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