millageˈmɪl ɪdʒ
millage (n)
- plural
- millages
English Definitions:
millage (Noun)
A tax rate on property, expressed in mills of the property's value.
Millage
A property tax or millage rate is an ad valorem tax on the value of a property.The tax is levied by the governing authority of the jurisdiction in which the property is located. This can be a national government, a federated state, a county or geographical region or a municipality. Multiple jurisdictions may tax the same property. Often a property tax is levied on real estate. It may be imposed annually or at the time of a real estate transaction, such as in real estate transfer tax. This tax can be contrasted to a rent tax, which is based on rental income or imputed rent, and a land value tax, which is a levy on the value of land, excluding the value of buildings and other improvements. Under a property-tax system, the government requires or performs an appraisal of the monetary value of each property, and tax is assessed in proportion to that value.
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"millage." Kamus.net. STANDS4 LLC, 2024. Web. 19 Apr. 2024. <https://www.kamus.net/english/millage>.
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