property_tax
The link between a property and a tax record.
Property tax describes properties related to taxes levied on the value of real estate or other types of property, such as land, buildings, and homes.
Why it matters
Two references and nothing else. A property has tax assessed against it, the tax record carries the amounts and the periods, and this class joins them.
Keeping the tax record separate from the property is what allows a history. A parcel has a new assessment every year and several tax records at once for different authorities, and either case would break a set of tax fields on the property itself.
In practice
Tax writes these against the parcel record, and the escrow calculation on a loan reads them.
Relationships
| Property | Points at | Definition |
|---|---|---|
has_property | property | Property is a piece of land and any structures or improvements that are permanently attached to it. In the context of property tax, a property can have a tax levied against it. The tax is usually assessed and collected by local governments, such as cities or counties, and is used to fund local services such as schools, police and fire departments, road maintenance, and other community services. |
has_tax | tax | A person who owns a financial asset may have to pay taxes on the asset. Taxes are fees levied by federal, state, and local governments on income, goods and services, and property, among other things. In the context of finance, tax is considered a financial debt. |