What is Mill Levy? Mill levy is a term used in the context of property taxes. It refers to the tax rate that is applied to the assessed value of a property to determine the amount of property tax owed. The mill levy is typically expressed in mills, with one … …
What is Property Tax? Property tax is a type of tax that is levied on the value of a property. It is usually imposed by local governments, such as municipalities or counties, and is used to fund various public services and infrastructure projects. Definition and Explanation Property tax is a … …
What is Ad Valorem Tax? An ad valorem tax is a type of tax that is based on the value of a property or asset. It is typically imposed on real estate, personal property, or vehicles. The term “ad valorem” is Latin for “according to value,” which reflects the basis … …