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TRUSTDale Tip of the Day: *Property Tax Terms

Definitions of commonly-encountered terms regarding property taxes

Property taxes come with a lot of jargon and sifting through all of it can leave your head spinning. So, to make it easier we have defined some common property tax terms in plain English.

Comparable sales method - using sales of similar properties to estimate the market value of a property.

Equalization rate - a ratio of total assessed value for properties in a community to those property's true market values.

Homestead deduction/exemption - an assessment reduction given to homeowners who use their homes as their primary residence.

Millage rate - another word for the tax rate, expressed in 1/1000 of a dollar (known as one mill).

Tangible personal property - property other than real estate that can be held and touched. For example a car or office furniture. Some states and cities tax the value of tangible personal property.