Real Estate Definition - property tax
property tax - an tax assessed by state or local governments on real or personal property according to its value. Property taxes paid on real estate are generally distributed to state and local agencies to pay for schools, police and fire protection, and welfare. Some components of the property tax may be fixed, such as a school tax of $1,500.00 or a sewer bond of $25.00. The ad valorem portion of the tax is determined by the assessed value of the property times the tax rate. For example, a property assessed at $500,000 with a general tax rate of 2% will be taxed $10,000 for the year. Sometimes that tax rate is expressed in mils, or thousandths of a dollar, and sometimes it is simply expressed as "dollars of tax per one hundred dollars of value."
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