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 ?
excise department Multan remained on top across the province in property tax recovery.
To a question he said, the department had made record recovery of property tax amounting to Rs 30 million from the residents of private housing societies including Bahria Town.
States with the highest effective property tax rates were New Jersey (2.25 percent), Illinois (2.22 percent), Texas (2.18 percent), Vermont (2.16 percent), and Connecticut (2.02 percent).
He was of the view that the new system would streamline the collection of property tax without unnecessary delay.
The Village's 2018 combined property tax levy will be $18,357,132.
Disabled veterans and the surviving spouses of deceased veterans are also eligible for additional property tax relief.
Budget documents show that property tax collection remains far below its true potential despite reforms implemented in the last few years
These figures are enough to assess how much Karachi in terms of its size and household can collect property tax, they said.
CoreLogic said it calculated the median overall property tax rate at the national and state level, taking into consideration all taxing and collection entities in order to provide a complete picture of the cost of owning real property.
Some factors undermining the role of the property tax are beyond the control of local decision makers.
Most property tax revenue supports local schools and local public safety services.

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