Real property tax

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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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).

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
Oso said the Provincial Treasurers Office will be responsible for disseminating the ordinance to local government units, with the province collecting more real property taxes
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The Supreme Court (SC) has ruled that the University of the Philippines (UP) is exempt from the payment of real property taxes and, thus, the Quezon City government cannot sell the university's land occupied by Ayala Land TechnoHub to compensate for the alleged P117.18 million in unpaid taxes.
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Commissioner Talery explains to the lawmakers their real property tax obligations under the law, the step-by-step procedures in paying these taxes and the kinds and categories of real property taxes including residential, commercial as well as rural and urban properties, among others.
It failed to pay approximately $1,000.00 in real property taxes on the property in 2014.
Chris Glidewell, Managing Partner with Pivotal Tax Solutions stated, "Our goal is to minimize Group 1's real property taxes by performing an in depth valuation analysis.
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Through these entities, in 2005-2007, the Maineses received three types of EZ Program credits, which were fully or partially refundable: the QEZE credit for real property taxes, the EZ investment credit, and the EZ wage credit.

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