What term describes the amount charged by a government or local authority for property ownership?

The term that describes the amount charged by a government or local authority for property ownership is known as the tax rate. This rate is typically applied to the assessed value of a property to determine the total amount of property tax owed. Property taxes are utilized by local governments to fund essential services such as education, public safety, infrastructure maintenance, and community services, making it a crucial component of local government finance.

The tax rate is usually expressed as a percentage and varies depending on the location and the specific needs of the jurisdiction. Understanding tax rates is important for anyone involved in real estate, as they have a direct impact on the cost of property ownership and can influence property values in a community.

Other options like assessment fee, service charge, and interest rate refer to different financial obligations and fees associated with property and financing but do not specifically pertain to taxes levied on property ownership. Assessment fees relate to property evaluations; service charges are often fees for specific services provided; and interest rates pertain to loans or financing arrangements.