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
Money set aside for a possible loss, such as from a fire. ...
making land more beautiful to look at by adding improvements such as lawns, trees, and bushes. Increases the value of the property. ...
Used to indicate what is included in a monthly payment on rental property. If the payment includes only principal and interest, property taxes, and hazard insurance would make the total ...
Claude in a contract, title, or mortgage that is subject to being annulled, repealed, or revoked upon the satisfaction of a claim or completion of a future event. ...
Interest rate on a loan that varies periodically based on some related measure. If interest rates are currently high and a prospective buyer of a home believes future interest rates will be ...
Conveyed by an executor. If the testator to a will does not expressly give the executor authority to convey the property, the probate court must authorize it. ...
The apportioning, disbursing, dividing, offering, or parceling out of property among individuals. (1) Probate: Court order to divide up and distribute the contents of an estate after the ...
Costs incurred in connection with real property that increase its cost basis or worth, such as a new roof, an additional room, or paneling a room. ...
The American Real Estate and Urban Economics Association (AREUEA) is a non-profit association founded in 1964, during the Allied Social Science Association located in Chicago. Important to ...
Have a question or comment?
We're here to help.