Land Tax (Noun)
Meaning
A capital tax on property imposed by municipalities; based on the estimated value of the property.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The homeowner's land tax increased significantly after the municipal government reassessed the property value.
- Local businesses struggled to stay afloat due to the high land tax rates imposed by the city council.
- Land tax is usually collected by local governments to fund community development projects and infrastructure improvements.
- Many retirees moved out of the area due to the increasing burden of land tax on their retirement income.
- Experts recommend consulting with a financial advisor to minimize land tax liability and maximize investment returns on property holdings.