Property tax

The amount which the state and/or locality assesses as a tax on a piece of property.

A tax charged by local government and used to fund municipal services such as schools, police, or street maintenance. The amount of property tax is determined locally by a formula, usually based on a percent per $1,000 of assessed value of the property.

A tax levied on privately owned real property. The amount of the tax is dependent on the value of the property. Also known as "real estate tax."

A tax levied on land and buildings (real estate) and on personal property.