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

Should the bond pass in its entirety, there is a chance the city’s property tax rate — currently 53.24 cents per $100 property valuation — will increase. — Carissa D. Lamkahouan, Houston Chronicle, "Friendswood proposition would replace 49-year-old activity center," 29 Aug. 2019 An ordinance proposed Monday would slightly increase real property tax rates. — Darcy Costello, The Courier-Journal, "Louisville officials propose slight bump in property tax rates, as called for in budget," 6 Aug. 2019 Find property 2018 property tax rates for 2019 bills for every place in Cuyahoga, Geauga, Lake, Lorain, Medina, Portage and Summit counties. — Rich Exner, cleveland.com, "Find all June Cuyahoga County home sales, other property transfer details," 9 July 2019 Ashford has managed to largely maintain its public services along with some of the lowest property tax rates in the county. — Peter S. Goodman, New York Times, "Austerity Has Ravaged U.K. Communities. It Has Also Spurred Reinvention.," 22 June 2019 Today, Connecticut has property tax rates among the highest in the country and is one of the few states where home values haven’t recovered from the 2007-09 recession. — Bob Stefanowski, WSJ, "Connecticut’s Blue Politicians Spill an Ocean of Red Ink," 14 June 2019 The city's property tax rate is decreasing, but rising property values will result in a higher tax bill. — Jessica Boehm, azcentral, "Phoenix City Council to cut property tax rate, but most residents will pay more," 5 June 2019 Broward voters will pay more in property taxes this year, largely because of the referendum passed last year. — Scott Travis, sun-sentinel.com, "Broward School Board still dislikes plan for addressing mental health crisis," 2 Aug. 2019 The incentive to age in place is even stronger in California, where Proposition 13 locked in lower property taxes for long-time homeowners. — Meghan Mccarty Carino, The Mercury News, "Life after driving: How California seniors are rethinking getting around," 24 July 2019

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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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

Legal Definition of property tax

: a tax levied on real or personal property (as by a municipality) — compare excise, income tax

property tax

Definition of property tax

Examples of property tax in a Sentence

First Known Use of property tax

Financial Definition of property tax

Legal Definition of property tax

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