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
Inverted gable roof design where the two side slope upward from the center to the eaves with a valley in the middle. The roof resembles the wings of a butterfly, hence, the name. ...
Written statement in a deed limiting the number, type, size, and use of property. See also deed covenants. ...
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The amount of money a developer must directly invest in order to obtain a development loan. It pays for the initial development cost including costs for items such as architectural plans, ...
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Map presented to a municipality's planning agency by a real estate developer for consideration and approval. ...
Warming method using sunlight. It involves special glass panels. ...
Second home. The interest and real estate taxes on the second home are tax deductible on the family's 1040 tax return. ...
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