Recent Examples of property tax from the Web
The parent company, Grand Canyon Education Inc., will still pay property taxes, which GCU estimates at $1.7 million in 2019.
California property taxes, which fund local governments, are capped by the state constitution’s Proposition 13 at 1% of a home’s value and can’t rise by more than 2% annually.
The financial plan represents more than an 8 percent increase from the previous year’s spending made possible by an extra $500 million in revenue from property taxes, grants, fees, pass-throughs and other traditional income sources.
With City Tours still owing more than $176,000 in delinquent property taxes, Albert Uresti, the county’s tax assessor-collector, moved to seized the additional vehicles on June 8.
There were 419 properties with unpaid taxes, totaling $1,075,885.93, up for sale last year — 404 were sold, netting $934,727.38. The county is not selling the properties themselves, but just the liens on unpaid property taxes.
Sears paid Seritage $109 million in rent in 2017, $43 million in expenses such as property taxes, insurance and utilities, and $35 million in lease termination fees, according to a public filing.
During that time, an investor is paying property taxes, insurance and interest on a mortgage or construction loan.
Sources of the city’s income include sales tax revenues (38 percent), property tax revenues (26 percent), all other taxes (14 percent), charges for services (11 percent) and 11 percent from other sources.
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.
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.
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