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 ?
As a Jump-Start zone, Mesa County, Colo., offers participating businesses up to eight years of zero state income and sales & use taxes; zero county and municipal property taxes and sales & use taxes; and zero state income taxes for their employees.
* 15 per cent of municipal property taxes on transferred employment lands would be paid to the county on a per-property basis and continuing for 25 years;
The school districts' ability to fund their operations with increased property taxes is tightly restricted, but municipal property taxes are far below the cap imposed by the 1990 tax-limitation measure.

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