Code: T01 Property Taxes

Category: Property taxes

Description: Taxes imposed on ownership of property and measured by its value.

Definition: Three types of property taxes, all having in common the use of value as a basis for the tax:

• General property taxes, relating to property as a whole, taxed at a single rate or at classified rates according to the class of property. Property refers to real property (e.g., land and structures) as well as personal property; personal property can be either tangible (e.g., automobiles and boats) or intangible (e.g., bank accounts and stocks and bonds).
• Special property taxes, levied on selected types of property (e.g., oil and gas properties, house trailers, motor vehicles, and intangibles) and subject to rates not directly related to general property tax rates.
• Taxes based on income produced by property as a measure of its value on the assessment date.

Includes: Penalties and interest on delinquent property taxes; proceeds of tax sales and tax redemptions, up to the amount of taxes due plus penalties and interest (report any excess receipts as follows: report amounts retained by the taxing government at Miscellaneous General Revenue, NEC, code U99, and exclude any amounts held for or returned to original property owner(s)). For governments collecting taxes as agents for another, includes any commissions, fees, or other items representing collection expenses retained from tax proceeds.

Excludes:

• Discounts to taxpayers for prompt payment of their tax bill.
• Taxes or other charges on property measured by any basis other than its value, such as area, front footage, or other "special assessments" (use Special Assessments, code U01) as well as such measures as corporate stock, bank deposits, or "per head" taxes (see description under License Taxes, codes T20 - T29).
• Taxes measured by taxpayer's income from intangible property (report at Income Taxes, codes T40 and T41).
• Taxes paid in protest and held by government in a suspense fund (report as property tax revenue if dispute is settled in government's favor; do not report as tax revenue any amounts returned to taxpayer). See Section 3.11.1.
• Taxes from utility owned by the taxing government (nonrevenues).
• Payments-in-lieu-of-taxes (if paid by another government, report at Intergovernmental Revenue; if paid by a private organization, use Miscellaneous General Revenue, NEC, code U99; and if paid by another agency or utility of the same government, exclude entirely from revenue).