property tax

noun

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 mayor has not proposed raising property taxes, despite citywide property values declining based on the state’s 2016 and 2019 tri-annual property assessments. David Anderson, baltimoresun.com, "Havre de Grace council will host public hearing on fiscal 2020 budget ordinance Monday," 5 June 2019 This includes mortgage payment, property taxes, utilities, etc. Washington Post, "Millennial Money: How to share a deed without an ‘I do’," 4 June 2019 Fiscal conservatives have argued that property taxes, the majority of which are collected by local school districts, are unsustainable high. Shelby Webb, Houston Chronicle, "Klein ISD may consider mass job cuts after voters reject tax hike," 18 June 2018 Between 1950 and 1975, Baltimore raised its property tax rate 19 times. WSJ, "An Example of Baltimore’s Progressive Decline," 4 Apr. 2019 The bill also would establish savings accounts for families to pay for private school and allow county board of educations to increase property tax levy rates, which would first require voter approval. John Raby, The Seattle Times, "Education bill opposed by teachers advances to W.Va. House," 4 Feb. 2019 Reflecting on her tenure in Alvin, Breland noted that the property tax rate has been trimmed from 83.86 cents per $100 valuation .8386 in 2015 to 79.8 cents in 2016 78.8 cents last year. Don Maines, Houston Chronicle, "Alvin city manager to leave job for Pfugerville post," 6 July 2018 Orange's office of management and budget recommended the county keep its property tax rate at its current mark, roughly $4.43 for each $1,000 of taxable value. Stephen Hudak, OrlandoSentinel.com, "Orange County Mayor Teresa Jacobs' budget includes millions more for public safety, no tax-rate increase," 27 June 2018 Peoria and Surprise kept property tax rates the same; Glendale lowered its rate. Jen Fifield, azcentral, "'We had sewage coming up from the drains': 5 ways northwest Valley cities are upgrading," 25 June 2018

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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Last Updated

12 Jun 2019

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The first known use of property tax was in 1808

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More Definitions for property tax

property tax

noun

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

noun

Legal Definition of property tax

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

More from Merriam-Webster on property tax

Rhyming Dictionary: Words that rhyme with property tax

Britannica.com: Encyclopedia article about property tax

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