Tax Glossary

The imposition or collection of a tax. Also may refer to the amount of tax imposed.

A tax on the right to do something, such as the sale of liquor, hunting, marriage license, or the right to operate a business.

A claim on property to satisfy a debt. Some taxes result in a lien against property.

The time when the taxes become a lien on property and the date on which property is valued for tax purposes. Property taxes become a lien at 12:01 a.m. on January 1 preceding the fiscal year for which taxes are collected for both locally-assessed real property and state-assessed property.

Portion of the state budget devoted to intergovernmental expenditures and shared taxes. State operations and capital outlay comprise the remainder of the state budget.

Generic term for a tax imposed upon articles not considered essential to a normal standard of living. Currently there are no luxury taxes in California law, although the federal government periodically adopts various luxury taxes.