Real property tax


Also found in: Acronyms.

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.

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).

References in periodicals archive ?
It determined that the third, the QEZE real property tax credit, while being a refund of past overpayments of real property tax, was includible in income under the tax benefit rule because Huron had deducted the payments of real property tax on which the credit was based.
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Meanwhile the most important reasons for a real property tax is the need for more rational use of land resources and structures, property rights and the assurance that assets accrue to owners who are able to use them most effectively.
The court concluded that the residence was not entitled to exemption from real property tax because it was not an actual place of worship and the property was not annexed and necessary to the occupation and enjoyment of the synagogue.
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4, which includes a completely redesigned, comprehensive real property tax module.
In connection with its 1998 real property tax assessment, Cass County, Nebraska, hired an outside appraiser to value the mineral interests of certain real property in the county.
Supplemental tax bills have been part of buying a home since the Supplemental Real Property Tax Law took effect in July 1983 as part of an effort to help fund California schools.
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