Recent Examples of property tax from the Web
The average New York household that itemizes its tax return pays roughly $17,500 in state income and property taxes—well above the $10,000 limit, according to an analysis by Robert Dietz, chief economist at the National Association of Home Builders.
But Bulova cautioned that Hill has a challenging road ahead at the helm of a county government with 12,000 employees and an annual budget of $4.1 billion that relies heavily on residential property taxes.
Libreria Giron, for many years the only Spanish-language bookstore in Chicago, closed its flagship store this month when dwindling sales could not keep up with the increasing property taxes on 18th St., the Giron family said.
On the North Slope, where government jobs, schools, health clinics, and infrastructure are largely funded by property taxes on the oil industry, most—but not all—of the nearly 10,000 residents favor opening ANWR to drilling.
Proposals being voted on this week in Washington could limit the amount of mortgage interest that can be deducted from federal incomes taxes, and also limit home owners’ ability to deduct property tax payments.
FRANCIS - With tax bills arriving at homes across the state, Gov. Scott Walker on Monday touted the elimination of the state portion of the property tax.
An earlier proposal would have limited the deduction to property taxes, but that was broadened in the final agreement.
This year, five Northwest Indiana districts have asked voters for a funding increase through property taxes including Munster, East Chicago, Lake Station, Hobart and Hammond.
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First Known Use of 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.
Seen and Heard
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