| The property
tax is a local tax collected by municipalities for the support
of municipal and county governments and local school districts.
No part of it is used for support of State Government.
The local property tax is measured by property values and
is apportioned among taxpayers according to the assessed value
of taxable personal property of telephone, telegraph and messenger
systems companies.
The amount of local property tax is determined each year,
in each municipality, to supply whatever revenue is required
to meet budgeted expenditures not covered by monies available
from all other sources. School districts and counties notify
municipalities of their property tax requirements. Municipalities
add their own requirements and levy taxes to raise the entire
amount. As a residual local tax, the total property tax is
determined by local budgets and not by property valuations
or tax rates.
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