property tax


Definition of property tax

: a tax levied on real or personal property

Examples of property tax in a Sentence

Recent Examples on the Web The result: Real property tax appraisals went up, compared to 2019. Michael Taylor,, "Taylor: Property taxes a problem without a solution for business owners," 26 June 2020 That decrease is as a result of House Bill 3 property tax reform legislation that was passed in May 2019. Elliott Lapin, Houston Chronicle, "New Spring Branch ISD budget includes property tax rate decrease," 25 June 2020 In 2016, the Phoenix City Council approved a popular tax incentive for the project, which would have allowed developer Amstar/McKinley to forgo property tax payments for 25 years. Jessica Boehm, The Arizona Republic, "Phoenix gave illegal tax break to developer of downtown apartment complex, judge rules," 25 June 2020 Still, some school districts - particularly in rural areas with little property tax base - will face tough decisions. James Salzer, ajc, "Georgia House, Senate agree to budget with $950 million in school cuts but no employee furloughs," 25 June 2020 To get the property tax subsidies, Tesla would have to create 5,000 jobs over the next decade at the plant. Allie Morris, Dallas News, "Tesla gigafactory could get nearly $15 million tax break from Travis County," 23 June 2020 Secondary property tax increase of $3,183,302 or 4.5%, which would increase secondary property taxes on a $100,000 home from $17.15 to $17.92. Cole Lauterbach, Washington Examiner, "Maricopa County approves budget with cuts, levy increases for certain properties," 23 June 2020 Eight school districts, mostly in rural Southern Ohio, where nearby power plants saw recent property tax devaluations of greater than 10%, leading to a corresponding drop in revenue for the school districts. Andrew J. Tobias, cleveland, "Gov. Mike DeWine signs ‘religious freedom’ bill that restores state K-12 funding cuts for some districts," 19 June 2020 The commission receives about $600,000 in state funds a year from a property tax to operate and maintain the park. Mike Cason |, al, "House minority leader wants to end tax support for Confederate park," 14 June 2020

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.

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First Known Use of property tax

1808, in the meaning defined above

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The first known use of property tax was in 1808

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Last Updated

1 Jul 2020

Cite this Entry

“Property tax.” Dictionary, Merriam-Webster, Accessed 5 Jul. 2020.

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More Definitions for property tax

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.

Source: Investing Answers

property tax


Legal Definition of property tax

: a tax levied on real or personal property (as by a municipality) — compare excise, income tax

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More from Merriam-Webster on property tax

Thesaurus: All synonyms and antonyms for property tax

Rhyming Dictionary: Words that rhyme with property tax Encyclopedia article about property tax

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