What are Tax Lien Certificates? A tax lien certificate is a legal document that is issued by the government when a property owner fails to pay their property taxes. It represents a lien on the property and is sold to investors as an investment opportunity. Investing in tax lien certificates … …
What are Mill Rates and How are Property Taxes Calculated? A mill rate is the amount of tax payable per dollar of the assessed value of a property. It is expressed in “mills,” where one mill represents one-tenth of one cent or $0.001. For example, a mill rate of 10 … …
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 … …