Recent Examples of property tax from the Web
Large families in high-tax states hit hard by changes Among the biggest losers would be big families with higher incomes who live in states with high income and property taxes.
The break mainly affects homeowners in high-tax states, who typically pay school and property taxes.
Once that's paid off, the property tax money would roll into the city and other taxing units.
The deduction’s regressive effects has more to do with income than property taxes, according to the Tax Foundation.
Among the possibilities: ▪ Allowing home owners to write off property taxes, but not income or sales taxes.
The property tax payment would go up if the property were reassessed at a higher value.
State law also allows homeowners to claim a property tax exemption for half the value of their primary residence, up to a maximum of $100,000.
The credit also would have taken into account state property taxes paid, Howard said.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'property tax.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of property tax
Financial Definition of PROPERTY TAX
What It Is
Property tax is a tax on property -- usually real estate -- as determined by an assessor.
How It Works
Let's assume you own a house. The property tax assessor in your municipality will likely assign a value to the house and calculate your property taxes based on that assessed value. It is important to note that assessed value is usually not the same as a property's fair market value.
For example, if the property tax rate is 4% and your house's assessed value is $200,000, then your property tax liability equals (.04 x $200,000) or $8,000. The assessed value is often computed by incorporating the purchases and sales of similar properties in nearby areas.
Why It Matters
Property taxes are usually collected by cities or counties, and the funds usually pay for the local school, fire and police districts.
Tax rolls disclose the taxable value of all the property in a taxing authority’s jurisdiction. They are the basis for most property tax calculations, and the size of the tax roll therefore can have a huge influence on the operating budgets of the taxing authority. Tax rolls also usually disclose the owner of each piece of property, a description of the property and other details.
Seen and Heard
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