One tenth of a cent. Mills are a common term in expressing tax rates per dollar of assessed valuation. For example, a property is taxed at the rate of 80 mills. If a property were assessed at $20,000 and the tax rate was 80 mills, the tax would be $20,000*.08 cents=$1,600.
Popular Real Estate Terms
Unequal treatment and denial of opportunity to individuals based on race, color, creed, nationality, age, or sex. The Civil Rights Acts passed by the U.S. Congress included those of 1866, ...
Detailed financial accounting of all the credits and debits for the buyer and seller upon consummation of a real estate sale. ...
Provision in a mortgage that requires the final payment to be substantially more than all other payments. ...
History of an individual's credit financial transactions including a detailed payment analysis. The creditor history is critical for performing a credit analysis to develop a credit rating. ...
Heating system hidden behind special panels, the walls, or the ceiling. Can use electric heating elements, hot air, or hot water pipes. ...
Heat resistance measure commonly used with insulating material, outside walls, and roofs. The higher the R value, the more heat transfer resistance a material has." ...
Interest rate on a mortgage that moves up or down based on some variable such as an index of lender's cost of funds, inflation rate, or prime rate. ...
Unsecured long-term debt. There is no collateral or lien on the property. A debenture can only be issued by a financially sound borrower with an excellent credit rating because no ...
A form of life or disability insurance where a mortgagor insures a mortgage in the event of death or disability. The principal covered by mortgage insurance declines as the mortgage is ...
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