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 district adjusts its M&O tax levy annually based on a percentage equal to the rate of change in the Maricopa County current year and prior year maximum allowable primary levy.
With those rates, businesses would be funding 41 to 43 percent of the tax levy, even though commercial, industrial and personal properties still account for just 29 percent of Worcester's tax base.
(3.) The property tax levy is the amount of income that a unit of government raises from the property tax.
McNamara was decided in 1988 that the Court took the opportunity to apply the Complete Auto Transit framework to a challenged sales or use tax levy. Holmes involved a constitutional challenge to a Louisiana use tax imposed on the value of catalogs printed out of state and mailed to the homes of Louisiana residents.
Additionally, the airport maintains over $8 million in a cumulative building fund for capital projects and receives a portion of the tax levy to help fund projects.
The 2017-19 state budget eliminates the state property tax levy. As a result of this and other property tax reform, property taxes on the typical home will be lower in 2018 than in 2010, and Wisconsins property tax burden as a percentage of personal income is at its lowest level since the end of World War II.
County voters had approved an annual property tax levy to support Extension Service programs in 1987 and the levy was renewed, twice.
The new version still embraces a two-track system for the tax levy but major shareholders and high income earners no longer have to follow the tax levy system based on their actual transaction gains.
Town Manager Theodore Kozak told selectmen earlier this week that the state Department of Revenue has ruled that an excess payment of $1.35 million earlier this year from the state School Building Authority has to be applied to the fiscal 2013 tax levy.
Its operations are self-financing, and it does not use any tax levy dollars.
Tyne Wear Fire Authority leaders agreed a budget of pounds 57.2m for 2004-05, which will mean an above-inflation 5.7% council tax levy on councils.
Prior to the bankruptcy filing, the city was beginning to take control of its financial situation after voters passed a tax levy in 2000.