Personal Property Taxes
Definition
- Also called property taxes, can include real property, intangible or tangible property tax. Generally, everything that is not real estate is considered personal property. To differentiate between real property and personal property, the tax assessing official must consider the manner in which property is attached to or secured at the location.
Synonyms
individual property taxes
Related Terms and Acronyms
- Assessments — Definition,
- Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
- 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.
- Personal Property (PP) — Acronym,
- Property that is movable and not permanently attached to a dwelling or structure.
- Property Tax — Definition,
- A levy by a city on real estate and personal property whose amount varies depending on the property's value.
