Property 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 city council increased the property tax rate to fund new infrastructure projects and public services.
- Homeowners are often concerned about the impact of rising property tax on their household expenses.
- Property tax revenues are typically used to support local schools, police departments, and other community programs.
- The property tax assessment on her family's old house had increased significantly over the past decade.
- The real estate agent explained to the buyer that the property tax would be an additional annual expense on top of the mortgage payments.