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

Hamilton County voters in May approved doubling the property tax to pay for maintenance and upkeep to the libraries. — Scott Wartman, Cincinnati.com, "Ceiling damage closes library's Price Hill branch," 11 July 2018 Robert McCracken, a physician in Sand Lake, New York, near the Massachusetts border, hopes to earn enough with Tentrr to cover the property taxes on his 80 acres (32 hectares) of forest, meadow and wetland. — Fox News, "Rent a tent: Startup matches landowners with campers," 10 July 2018 The building qualified for the 421a tax abatement program, which subsidizes buyers’ property taxes for most of a 15-year window. — New York Times, "New Buildings Rise in Flood Zones," 6 July 2018 Primarily due to the resulting commercial tax base, the village has been able to operate without levying a property tax on its residents, Ross said. — Jim Newton, Lake County News-Sun, "New plaza dedicated for late mayor who 'is reflected in every square inch of Gurnee'," 6 July 2018 COPs do not require voter approval like general obligation bonds would, as general obligation bonds lead to increased local property taxes. — Hillary Davis, latimes.com, "Newport Beach may need voters’ permission before taking on some large debts," 22 June 2018 That came after weeks of declining to take a position on the issue, including its eventual limitations on the deduction of state and local property taxes that is expected to affect many Illinois homeowners. — Rick Pearson, chicagotribune.com, "Vice President Pence to speak in Rosemont Friday, when Gov. Rauner will introduce him," 12 July 2018 Additional tabs include utility information, property taxes and allow online payments for city services and traffic tickets. — Karen Huppertz, ajc, "Loganville has new website," 11 July 2018 Both Heard and Genovese said they were drawn to the consolidation cause because of a desire to rein in the state’s high property taxes and exorbitant school administrative costs. — Max Cohen, Philly.com, "Is time up for tiny towns in New Jersey? Some say mergers would save money and lower taxes, but skeptics disagree," 3 July 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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Last Updated

13 Nov 2018

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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