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Real Estate vocabulary · Fees, Costs & Taxes

Property tax

Meaning in real estate, with examples

nounCore term

In real estate, property tax means: A tax that owners pay every year, usually to the local government, based on the value of the land and buildings they own.

In Turkish: emlak vergisi

How it is used

Common in American English; it pays for local services such as schools and roads. Buyers ask what the annual property tax is, and in the US it is often paid through the monthly mortgage payment. UK homes pay council tax instead, charged to whoever lives there.

Example sentences

  1. The annual property tax on this house is around 6,000 dollars.

  2. Property tax is included in your monthly mortgage payment.

Common collocations

  • pay property tax
  • annual property tax
  • property tax bill
  • property tax rate
  • capital gains taxA tax on the profit made when you sell an asset, such as a property, for more than you paid for it.
  • transfer taxA tax charged when ownership of a property passes from one person to another, usually calculated as a percentage of the price.
  • closing costsThe fees and charges paid when a property sale is completed, on top of the price, such as lender fees, title insurance, taxes and legal costs.
  • stamp dutyA tax paid in England and Northern Ireland by people who buy property or land above a certain price. Its full name is Stamp Duty Land Tax (SDLT).

More terms: Fees, Costs & Taxes

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