Property Tax


DEFINITION of 'Property Tax'

A tax assessed on real estate by the local government. The tax is usually based on the value of the property (including the land) you own.

BREAKING DOWN 'Property Tax'

This tax is mainly used by municipalities for repairing roads, building schools and snow removal, or other similar services.

  1. Assessment

    Occurs when an asset's value must be determined for the purpose ...
  2. Listed Property

    A specific class of depreciable property that is subject to a ...
  3. Ad Valorem Tax

    A tax based on the assessed value of real estate or personal ...
  4. Land Value

    The value of a piece of property, including both the value of ...
  5. Local Tax

    A tax assessed and levied by a local authority such as a county ...
  6. Income Tax

    A tax that governments impose on financial income generated by ...
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  1. How do taxes impact Net Operating Income (NOI)?

    Net operating income (NOI) is a before-tax figure and does not take into account income taxes, loan payments, capital expenditures, ... Read Full Answer >>
  2. How does the value of the real estate impact the value of a triple net (NNN) lease?

    The value of the real estate leased on a triple-net lease basis impacts the value of the lease in two opposing ways. It impacts ... Read Full Answer >>
  3. What are the three "nets" of an NNN lease?

    A triple net (NNN) lease is a type of real estate lease in which the tenant is responsible for paying the building's property ... Read Full Answer >>
  4. What are the differences between single, double and triple-net leases?

    A net lease is a real estate lease in which the tenant pays, on top of his rent, one or more of the following expenses: property ... Read Full Answer >>
  5. What are the best and worst states to pay taxes in?

    Most people can probably guess the two worst states for taxation in the U.S. – New York and California. The two best, Wyoming ... Read Full Answer >>
  6. How can I obtain an abatement for property taxes?

    Depending on where your property is located, your local city or county government may offer a property tax abatement program. ... Read Full Answer >>

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