property tax
property tax
English Definitions:
property tax, land tax (noun)
a capital tax on property imposed by municipalities; based on the estimated value of the property
property tax (Noun)
An (usually) ad valorem tax charged on the basis of the fair market value of property. The scope of taxable property varies by jurisdiction and it may include personal property in addition to real estate.
Property tax
A property tax is a levy on property that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the property is located; it may be paid to a national government, a federated state, a county/geographical region, or a municipality. Multiple jurisdictions may tax the same property. There are four broad types of property: land, improvements to land, personal property, and intangible property. Real property means the combination of land and improvements. Under a property tax system, the government requires and/or performs an appraisal of the monetary value of each property, and tax is assessed in proportion to that value. Forms of property tax used vary among countries and jurisdictions. A special assessment tax is sometimes confused with property tax. These are two distinct forms of taxation: one relies upon the fair market value of the property being taxed for justification, and the other relies upon a special enhancement called a "benefit" for its justification. The property tax rate is often given as a percentage. It may also be expressed as a per mil, which is also known as a millage rate or mill is also one-thousandth of a currency unit. To calculate the property tax, the authority will multiply the assessed value of the property by the mill rate and then divide by 1,000. For example, a property with an assessed value of $50,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of $1,000 per year.
Property tax
A property tax or millage rate is an ad valorem tax on the value of a property.The tax is levied by the governing authority of the jurisdiction in which the property is located. This can be a national government, a federated state, a county or geographical region or a municipality. Multiple jurisdictions may tax the same property. Often a property tax is levied on real estate. It may be imposed annually or at the time of a real estate transaction, such as in real estate transfer tax. This tax can be contrasted to a rent tax, which is based on rental income or imputed rent, and a land value tax, which is a levy on the value of land, excluding the value of buildings and other improvements. Under a property-tax system, the government requires or performs an appraisal of the monetary value of each property, and tax is assessed in proportion to that value.
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"property tax." Kamus.net. STANDS4 LLC, 2024. Web. 3 May 2024. <https://www.kamus.net/english/property+tax>.
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