Estate tax in the United States exemption level with a 2001 top rate. That is, had no further legislation been passed, the estate of a person who died in the year 2010 would have been entirely exempt from tax while that of a person who died in the year 2011 or later would have been taxed as heavily as in 2001. However, on December 17, 2010, Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Section 301 of the 2010 Act reinstated the federal estate tax. The new law set the exemption for U.S. citizens and residents at $5 million per
Property tax in the United States percentage of the assessed value of the property subject to tax. This in some cases is expressed as a "millage" or dollars of tax per thousand dollars of assessed value. Most jurisdictions impose the tax on some stated portion of fair market value, referred to as an assessment ratio. This ratio may vary depending on the type or use of the property. The assessment ratio can, in many jurisdictions, be changed from year to year by the taxing jurisdiction's governing body. Changes in tax rate or assessment ratio may have the same practical effect of changing net tax due on