Property Tax

Definition - What does Property Tax mean?

Property tax refers to an amount of money that a person or entity is required to pay as a result of owning property. Property taxes are typically levied on real property such as homes or commercial buildings. Property taxes can also be levied on personal property such as a person's car or personal property.

Justipedia explains Property Tax

The purpose for the typical property tax that most people are used to, property tax on a person's home, is to help the local government with enhancing the property owned by the state. The property tax that is levied on a person is almost always based on the value of the property being taxed. The money raised from property taxes will help the city build new buildings such as schools and libraries, repair and build roadways, and general upkeep of state-owned property.

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