Property Tax
/ˈprɒpərti tæks/
Definitions
- (n.) A tax levied by a governmental authority on real estate or personal property owned by an individual or entity.
The property tax must be paid annually to the local government.
Forms
- property taxes
Related terms
See also
Commentary
Property tax is typically based on assessed value of property; drafters should specify assessment methods and tax rates clearly.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.