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
In an everyday scenario, a meeting of the minds implies fully agreeing with another person. What does meeting of the minds mean in real estate? Picture you want to buy or sell a property. ...
An apartment complex providing tenants access to a lawn area. ...
Availability of houses in an area. ...
Interest computations based only on the original principal. For example, the simple interest on a $100,000, 8% loan is $8,000. It is compared with compound interest which is applied to the ...
Board used when connected as a floor. It may also be used as a strip in a wall or door. ...
The Grandfather Clause is an intriguing financial and real estate term. It defines a provision in a traditional policy that exempts an individual or business engaged in any activity under a ...
A lessee (tenant) subleases the apartment to a third party .The tenant is now sandwiched between the lessor and the sublessee. In other words, the tenant is acting as a lessee to the ...
Timber in an original form, such as a pole. ...
Waterproofing the joint of a roof. ...
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