Property Tax

Definition of "Property tax"

Phyllis Weisbrook
  Lake & Lifestyle Realty

Tax levied on real property. It is based on the land use categorization nature of improvements, fair market value, and the millage rate. Property taxes may be assessed by states, cities, special districts, and independent school districts. The property tax is usually included in the property owner's monthly mortgage payment and is added to the monthly carrying charges.

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