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