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 company told the state Public Utilities Commission in November that the fee, a "municipal property tax surcharge," would appear on phone bills.
With all five precincts reporting, unofficial results showed 951 voters in favor of a measure to create the village's first municipal property tax with 934 against.
Will schools be able to reduce their reliance on the property tax because they are receiving more money from the state, perhaps allowing the municipal property tax rate to increase to cover a portion of the municipal cuts in state funding?
With all five precincts reporting, unofficial results showed 583 voters in favor of a measure to create the village's first municipal property tax with 552 against.
Hoping to generate more money for flood relief and drainage improvement projects without imposing a municipal property tax, the Prospect Heights city council will again ask voters for home-rule status on the Nov.
Vernon Hills does not levy a municipal property tax and has taken several actions in recent years to protect its vast retail base, including a quarter-percent home-rule sales tax, a pending 1 percent food and beverage tax, and several sales tax incentive packages for other projects.
And the village collected $20 million in sales and other consumer taxes during the 2017 fiscal year, a big part of why Elk Grove now can claim to have the lowest municipal property tax in Northwest Cook County, he added.

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