Property Tax

Parent term

A property tax, also known as milage rate, is a tax levied on property owned by an individual or an entity. This is based on the value of the property, which can be real estates or tangible personal property. Most commonly found on the concept of market value, this tax sometimes extends to automobiles, jewelry, and furniture and even to such intangibles as bonds, mortgages, and shares of stock that represent claims on, or ownership of, tangible wealth. Property tax is considered to be a regressive tax, which is a real estate ad-valorem tax. It is very well suited as a source of locally generated revenue for local governments, common throughout the world and has often been the subject of political debate.