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 proposal establishes a specific tax levy for contributions to CTPF beginning in Fiscal Year 2016.
However, the South Lane Fire & Rescue District's five-year tax levy failed with 5,909 no votes to 4,751 yes votes.
Library operations are supported primarily from the net library tax levy, which accounted for 66% of total operating revenues in fiscal 2008.
Instead, Smith suggested that reorganizing department operations, consolidating some jobs and seeking more federal grant money might help lower any future tax levy request and help convince voters that the department is running as efficiently as possible.
The class share is the portion of the total tax levy paid by each class.
The bonds are subject to a property tax levy increase limitation pursuant to a charter changed approved by county voters.
Budget officials said they divided the total tax levy (approximately $8.
Due to the district's tax base growth and existing debt structure, issuance of this debt is not expected to increase the debt service tax levy.
The bonds being offered will be subject to a property tax levy increase limitation pursuant to a recent charter change approved by county voters last November.
The state constitution imposed a limit on the operating property tax levy equal to 2.
25% income tax levy on all taxable income within the city.
Vulnerability associated with the escape clause in Minnesota Twins Stadium Use Agreement is mitigated by the existence of a two-year debt service reserve, the historically tested tax levy mechanism, and the commission's favorable financial record including adequate historical debt service coverage levels met from revenues generated solely by Metrodome operations.