Other Free Encyclopedias » 21st Century Webster's Family Encyclopedia » 21st Century Webster's Family Encyclopedia - Pope to Proverbs, Book of

Property tax


Property tax, money collected by state and local governments from owners of property. It is levied upon land, homes, buildings, and in some cases on farm equipment, based on a fixed percentage of the property's estimated (assessed) valuation. Monies collected from property taxes are usually used to pay for government services such as road repair, schools, and police and fire protection.

See also: Taxation.

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