Glossary

TAXES AND ASSESSMENTS

Assessed Value- a value places on a property for the purpose of taxation

Basis- the paid price for property; used in calculating income taxes

Capital Gain- the gain (profit) on the sale of an appreciated asset

Mill Rate- property tax rate that is expressed in tenths of a cent per dollar of assessed valuation

Tax Lien- a charge or hold by the government against property to insure the payment of taxes

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