Classified Property Tax

Definition

  • A municipal government's levy on real estate that varies depending on the use of the property. Commercial property is typically taxed more heavily than residential property where a classified property tax exists.

Synonyms
categorized property tax

Related Terms and Acronyms

  • Infrastructure Definition,
    • Basic installations that a community needs, such as schools, roads, water and electrical lines, power plants and communications systems.
  • Local Improvement Charge Definition,
    • A fixed annual fee levied by a municipality against specific real property for a specific period which amortizes the capital costs of local improvements such as sewers, paved roads, etc. This charge is in addition to real estate taxes.
  • Local Taxes Definition,
    • Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
  • Mill Rate Definition,
    • A unit of taxation that is a set ratio made by the city or municipality in reference to property taxes.
  • Property Tax Definition,
    • A levy by a city on real estate and personal property whose amount varies depending on the property's value.
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