Property tax burden definition
Property tax burden means the total real and personal property taxes assessed in the municipal fiscal year pertaining to the latest state valuation, except the taxes assessed on captured value within a tax increment financing district, divided by the latest state valuation certified to the Secretary of State. [PL 2007, c. 662, §1 (AMD).]
Property tax burden means the total real and personal property taxes assessed in the municipal fiscal year pertaining to the latest state valuation, except the taxes assessed on captured value within a tax increment financing district, divided by the latest state valuation certified to the Secretary of State. In the case of a municipality that qualifies for an adjustment for sudden and severe disruption of valuation under Title 36, section 208‑A, the amount of money that municipality uses from undesignated fund balances in the municipal fiscal year must be added to the total real and personal property taxes assessed in each fiscal year that municipality qualifies for an adjustment in the determination of the property tax burden. [PL 2023, c. 629, §1 (AMD); PL 2023, c. 629, §3 (AFF).]
Property tax burden means the total real and personal property taxes
More Definitions of Property tax burden
Property tax burden means the ratio of (i) the total estimated amount of property taxes an owner of a Residential Unit would expect to pay in a Fiscal Year including ad valorem property taxes, special assessments, fees and charges placed on the County property tax bill (but excluding homeowner association dues, property owner association dues, or other non- governmental charges) divided by (ii) the sales price of such Residential Unit.
Property tax burden means the total annual estimated amount of taxes a residential owner would expect to pay including ad valorem property taxes, special assessments, fees and charges placed on the County property tax bill and is expressed as a percentage of value as determined in Section 7.
Property tax burden means the total real and personal property taxes assessed in the municipal fiscal year pertaining to the latest state valuation, except the taxes assessed on captured value within a tax increment financing district, divided by the latest state valuation certified to the Secretary of State and reduced by .01. Beginning on July 1, 2013 and each July 1st thereafter, if the total revenue- sharing distribution as calculated by subsection 5 is distributed to the municipalities without transfer or reduction, the reduction factor must be increased by either .0005 or the percentage increase necessary to equal the statewide average property tax rate, whichever increase is smaller, until the fiscal year when the percentage reduction factor reaches the statewide average property tax rate.
Property tax burden means the total real and personal property taxes assessed in the municipal fiscal year pertaining to the latest state valuation, except the taxes assessed on captured value within a tax increment financing district, divided by the latest state valuation certified to the Secretary of State. In the case of a municipality that qualifies for an adjustment for sudden and severe disruption