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.
