Ratable (Adjective)
Meaning
Liable to payment of locally assessed property taxes; "the ratable value of property".
Classification
All adjective clusters.
Examples
- The property's value was determined to be ratable, and the owner had to pay the resulting tax assessment.
- The ratable value of the estate was reassessed every five years to reflect changes in the local real estate market.
- Local law dictates that businesses must pay taxes on their ratable assets, including both buildings and equipment.
- Taxpayers could appeal their ratable assessment, arguing that their home was overvalued by the county assessor.
- Following a reassessment, the ratable worth of the commercial property resulted in a considerable increase in the owner's annual tax bill.