|
Property tax, or millage tax, is an ad valorem tax that an owner is required to pay on the value of the property being taxed. Property tax can be defined as "generally, tax imposed by municipalities upon owners of real property within their jurisdiction based on the value of such property." There are three species or types of property: Land, Improvements to Land (immovable manmade objects; i.e., buildings), and Personal (movable manmade objects). Real estate, real property or realty are all terms for the combination of land and improvements. The taxing authority requires and/or performs an appraisal of the monetary value of the property, and tax is assessed in proportion to that value. Forms of property tax used vary between countries and jurisdictions. The special assessment tax may often be confused with the 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 – 20 mills = 2.0%. Symbolically, 20‰ = 2% – cancel a '0'. From Wikipedia under the
GNU Free Documentation License What is the difference between homestead & non-homestead property taxes.? Q. We have non-homestead property tax. Now we are paying twice as much as what we where told the taxes where last year when we purchased our house. My friend says we need to change our taxes to homestead property taxes. We live in Michigan... What's the differance? Can we just go & change our taxes? Does being under homestead property tax really lower my taxes? How do we go about it? Asked by Here4theparty - Sun Aug 12 12:47:38 2007 - - 4 Answers - 0 Comments A. If the property is your primary residence (e.g. not a rental property) go to the link below and file for homesteader's exemption. Answered by Lori - Sun Aug 12 12:53:28 2007 How often does a property go into foreclosure then auction just on property taxes? Q. I'd like to know about properties that have been fully paid for and owned by the owner free and clear, so no mortgages. And then become delinquent only because the owner is not paying their property taxes. 1. How prevalent is this compared to all other types of properties that are foreclosed and auctioned? 2. What types of reasons does this occur that the owner is not or cannot pay their property taxes when they already were able to pay off their mortgage? 3. Does the delinquent homeowner's debt mostly include the property taxes? Asked by Andrew - Wed Oct 28 15:07:07 2009 - - 2 Answers - 0 Comments A. Very very few. Same reason anyone fails to pay a bill. Generally taxes were escrowed with the mortgage; when the mortgage was paid off, they just didn't pick up the responsibility and start paying them. Interest and penalty strip out the principal fast when it does happen. (I've seen property in some counties that went 20 years without paying on the taxes...oy) Answered by wizjp - Wed Oct 28 15:15:16 2009 Home prices way down, should your city raise property taxes to make up for lost revenue?
Q. In my home town the value of homes are down as much as 30 percent. Most of the revenue for schools and police comes from property taxes, so rapidly lower housing prices have cut the revenue needed for these important things. What should the Mayor and City Council do with rapidly falling home asssesments and tax revenue, should they raise the tax rate to make up for the difference? Asked by questioner - Mon Jul 21 16:25:40 2008 - - 4 Answers - 0 Comments A. Start living with in there means! City county and state governments make decisions that affect the economic welfare of there citizens. They need to deal with the consequences. Just like you and I have to. Maybe if the re salts of there decisions, hits in there own wallet they will start making better choices. Answered by yesmam1952 - Mon Jul 21 16:45:38 2008 From Yahoo Answer Search: "property taxes"  marketwatch.com Thu, 29 Jul 2010 11:06:50 GMT+00:00 MarketWatch (press release) The improvement in consolidated gross margin was substantially due to an increase in property taxes recoverable through a tracker as compared with 2009, ... Rayonier Reports Second Quarter 2010 Results MarketWatch (press release) Ingles Markets, Incorporated Announces Third Quarter Sales and Earnings MarketWatch (press release)  commercialappeal.com Fri, 30 Jul 2010 05:09:33 GMT+00:00 ceiling' for metro plan Memphis Commercial Appeal A proposed metropolitan government would have an upper limit on property taxes in its first five years, the Metropolitan Government ... Metro Charter Group Polishes Proposal Memphis Daily News  communitypress.cincinnati.com Fri, 30 Jul 2010 13:19:48 GMT+00:00 Cincinnati.com Bickford said that Duke's personal property taxes are not factored in to balance the budget and most of the township budget is based on voted millage and ... From Google News Search: "property taxes"  ward4guelph.ca 360px x 560px | 125.60kB [source page] $12 month for public transit $9 month for Guelph Public Library $6 month for curb side waste collection Taxes in other cities A recent survey of 79 Ontario municipalities showed that compared to cities in the area offering the same services per capita people living in Guelph pay LESS than  freedomparty.on.ca 647px x 500px | 28.60kB [source page] Previous Page go to Next Page Previous Page go to Next Page  groundswellusa.org 557px x 375px | 101.50kB [source page] Our Mission Common Ground U S A is dedicated to the principle that all persons have equal and common rights in the earth and its resources and each individual has an exclusive right to From Yahoo Image Search: "property taxes"  dontmesswithtaxes.typepad.com skbell1 ue, 13 Jul 2010 19:08:21 GM Which . tax. do you hate the most? And no, "all of them" is not an option. According to a compilation of various public opinion polls by the American Enterprise Institute (AEI), we Americans really, really detest getting our annual ...  taxarticles.info admin Mon, 19 Jul 2010 10:54:08 GM Initiative 1098 introduces an income tax that has two brackets targeted at high income Washingtonians, reduces the state . property tax. , and reforms the business and occupation tax. Supporters of the initiative this week turned in well ...  financialadviserblog.dowjones.com unknown Mon, 12 Jul 2010 14:05:27 GM New Jersey lawmakers moved closer this week to enacting a law to cap . property tax. hikes. Still, with that prospect close at hand, New Jersey residents should be aware of any exceptions that may apply because of circumstances in their ... From Google Blog Search: "property taxes" |
