Recent Examples of property tax from the Web
In November, the administration released a plan to appeal to voters to increase property taxes and school funding.
The zoo would no longer get property taxes and have to find a way to come up with the $6.5 million.
In Kansas, local school districts impose local property taxes to supplement their state dollars.
Wagner has knocked Mango for failing to vote in a number of GOP primaries over the years and as flip-flopping on a proposal to eliminate property taxes.
Nearly 219,000 San Diego County residents have six days to pay property taxes or face a fine, Treasurer-Tax Collector Dan McAllister said this week.
The development has the potential to generate revenue for the city through lease payments, property taxes on equipment and permit fees.
According to current city law, the owner, if not paying property taxes, can be fined up to $1,000 per day until an arrangement is made to pay taxes.
Those who own Florida homes tend to pay more property tax than year-round residents because their homes often don’t qualify for a homestead exemption.
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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