property tax - Business DefinitionThe American Heritage® Dictionary of Business Terms Copyright © 2010 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
property tax - Investment & Finance Definition
A tax that is assessed on property such as real estate and in some cases personal property such as cars or boats. The assessed valuation of property tax often is based on a rate called mils (also spelled mills), which is the dollar amount of tax that is paid on $1,000 of assessed value. Each governmental unit, such as a city or county government or a school district, receives the payments from a certain number of mils. Property taxes are assessed by city and county governments, not by the federal government.Webster's New World Finance and Investment Dictionary Copyright © 2010 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2010 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.