Property Taxes
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A property tax (or millage tax) is an ad valorem tax levy on the value of property that the owner of the property is required to pay to a government in which the property is situated. Multiple jurisdictions may tax the same property. There are three species or types of property: land, improvements to land (immovable man-made objects, such as buildings), and personal property (movable man-made objects). Real property (also called real estate or realty) means the combination of land and improvements. Under a property tax system, the state 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 between 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 permille (amount of tax per thousand currency units of property value), which is also known as a millage rate or mill levy. (A 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 US $50,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of US $1,000 per year. In more familiar terms, dividing the mills by 10 (moving the decimal point to the left by one) yields the percentage rate ; for example, 20 mills = 2.0%. From Wikipedia under the
GNU Free Documentation License Matching Results for Property Taxes:property taxproperty tax (plural property taxes) An (usually) ad valorem tax charged on the basis of ... The scope of taxable property varies by jurisdiction and it may include ... tax tax (countable and uncountable; plural taxes) Money paid to the government other than for ... property tax. personal property tax. real property tax. sales tax. sin ... tax lot In some countries such as the USA, cost basis must be considered on a tax lot-by-tax lot basis. ... US) An parcel of real property on which property taxes are levied. ... From Wiktionary under the
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Society: Law: Services: Lawyers and Law Firms ... Oct 18, 2007 ... Shearman and Sterling - International firm: corporate, litigation, property , tax , antitrust, and compensation and benefits. ... Regional: North America: United States: Texas ... Oct 12, 2007 ... Smith County Appraisal District - Interactive site which allows searches of property tax records. Smith County Medical Society - Rosters, ... Regional: North America: United States: Business ... Aug 28, 2009 ... Camden Property Trust - Real estate investment trust specializes in apartment ... property values, prices that homes sold for, property tax ...
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