Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Experts estimate that up to 60 percent of home assessments are too high and about one-third of all property tax appeals succeed. Country controllers, city auditors and local government leadership are trying to find ways to keep things moving and services strong, even with the dwindling of tax receipts from lackluster retail and auto sales, plus slow pays and property tax value re-adjustments. The property tax rate is often given as a percentage (amount of tax per hundred currency units of property value).