Definition of Terms:

• Appraised Value: the fair or true market value
• Assessed Value: the appraised value of property multiplied by its assessment ratio.
  The assessment is the “taxable” portion of property.
• Levy: To collect
• Ad Valorem Taxes: A tax imposed on properties in proportion to their value.
• Millage Rate: The rate used to determine the individual tax to be levied on a Property.
  A mill is equal to 1/1000 of a dollar. For example, if the millage rate is 100 mills and
  the assessed value of a property is $1,000, the tax on that property is $100.00.
• Personal Property: Includes motor vehicle, watercraft, aircraft and business
  personal property furniture, fixtures and equipment.
• Real Property: Includes real estate (land & buildings) and mobile homes