Property Tax

Property Tax

Property Tax means:
a tax imposed by municipalities on owners of property within their jurisdiction, based on the assessed value of each such property. Group of taxes imposed on property owned by individuals and businesses based on the assessed value of each property. Taxes on property, especially real estate, but also can be on boats, automobiles (often paid along with license fees), recreational vehicles, and business inventories. The property tax on real estate is the principal method of financing for local governments and school districts.

Example of Property Tax:

Learn more about tax examples, explanations and calculations here.

Andrew assesses a property tax at the rate of $0.50 per $200 of market value. Kilmer pays a tax of $1,000 on property valued at $100,000.

See Property Tax in the American Legal Encyclopedia and Property Tax in the World Legal Encyclopedia.


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