Property Tax

A property tax (or millage tax) is a levy on property that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the property is located; it may be paid to a national government, a federated state, a county/region, or a municipality. Multiple jurisdictions may tax the same property.

There are four broad types of property: land, improvements to land (immovable man-made objects, such as buildings), personal property (movable man-made objects), and intangible property. Real property (also called real estate or realty) means the combination of land and improvements. Under a property tax system, the government requires and/or performs an appraisal of the monetary value of each property, and tax is assessed in proportion to that value. Forms of property tax used vary among countries and jurisdictions.

A special assessment tax is sometimes confused with property tax. These are two distinct forms of taxation: one (ad valorem tax) relies upon the fair market value of the property being taxed for justification, and the other (special assessment) relies upon a special enhancement called a "benefit" for its justification.

The property tax rate is often given as a percentage. It may also be expressed as a per mil (amount of tax per thousand currency units of property value), which is also known as a millage rate or mill is also one-thousandth of a currency unit.) To calculate the property tax, the authority will multiply the assessed value of the property by the mill rate and then divide by 1,000. For example, a property with an assessed value of $50,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of $1,000 per year.

Other articles related to "property tax, property, tax":

Property Taxes By Jurisdiction - United States
... In the United States, property tax on real estate is usually levied by local government, at the municipal or county level ... In some states, personal property is also taxed ... The property tax is the main tax supporting local education, police/fire protection, local governments, some free medical services, and most of ...
Teeter Plan
... an optional alternative method for allocating delinquent property tax revenues ... method of accounting under the Teeter Plan, counties allocate property tax revenues based on the total amount of property taxes billed, but not yet collected ... The Teeter Plan allows counties to finance property tax receipts for local agencies by borrowing money to advance cash to each taxing jurisdiction in an amount equal to the current year's ...
Mark Scheffel - Legislative Career - 2011 Legislative Session
... primary originating sponsor) Bill Title Outcome SB11-026 Concerning a property tax exemption for business personal property first used in a business in a future property tax year ... in Senate committee HB11-1141 Concerning an economic stimulus through a property tax exemption for business personal property ... several bills that year, most notably regarding business personal property taxes SB11-026 and HB11-1141 ...
Local Government Finance In Kerala - Tax Revenue of Local Governments - Property Tax
... Property tax constitutes a potential item of revenue for Grama Panchayats, Municipalities and Corporations ... Property tax is a fair, equitable and progressive tax that rises with the quantity of access to local services for the property ... Very poor sections of communities are normally screened out of the property tax system ...
Land Value Tax In The United States - Usage - Two-rate Taxation
... Nearly 20 Pennsylvania cities in the USA employ a two-rate or split-rate property tax taxing the value of land at a higher rate and the value of the buildings and improvements at a ... a compromise between pure LVT and an ordinary property tax falling on real estate (land value plus improvement value) ... of the traditional real estate property tax into a pure land value tax ...

Famous quotes containing the words tax and/or property:

    Rumble thy bellyful! Spit, fire! Spout, rain!
    Nor rain, wind, thunder, fire are my daughters.
    I tax you not, you elements, with unkindness;
    I never gave you kingdom, called you children.
    William Shakespeare (1564–1616)

    Things have their laws, as well as men; and things refuse to be trifled with. Property will be protected.
    Ralph Waldo Emerson (1803–1882)