An (usually) ad valorem tax charged on the basis of the fair market value of property. The scope of taxable property varies by jurisdiction and it may include personal property in addition to real estate
The amount which the state and/or locality assesses as a tax on a piece of property
Tax paid on privately owned property Property taxes are usually paid semiannually, or monthly if the lender requires The amount is based on local tax rates and assessed property value
An annual or semi-annual tax paid to one or more governmental jurisdictions based on the amount of the property assessment Generally paid as part of the mortgage payment
Tax assessed against a property by local governments One of the four basic housing costs (PITI)
Property taxes are levied on both real and personal property according to the property's valuation and the tax rate
A tax, paid by a landowner, based on the government's estimate of the land's value
a tax levied on the value of property Some towns tax only the land, while others tax land and improvements
The primary source of revenue for local governments The property tax is a tax on the assessed value of property The tax rate times the assessed value owned by a taxpayer is what the taxpayer owes to the government; the tax rate times the total assessed value of the government is the total tax levy The state government also collects a very small part of the property tax, at a rate of one cent per $100 assessed value The property tax is administered on the state level by the State Board of Tax Commissioners, and on the local level by the county and township assessors, the county auditor and the county treasurer