Ignite FB Tracking PixelUnderstanding millage rate & other important tax terms - DENISE STEMPIEN REALTOR ABR|SRS|PSA
Stempien & Associates with Remerica United Realty
DENISE STEMPIEN REALTOR ABR|SRS|PSA, Stempien & Associates with Remerica United RealtyPhone: (734) 658-4389
Email: [email protected]

Understanding millage rate & other important tax terms

by DENISE STEMPIEN REALTOR ABR|SRS|PSA 08/08/2022

Millage rates are just one of the many specialized tax terms property owners are likely to encounter. While it's often used interchangeably to mean "tax rate," millage rates have some key differences. Here is a guide to understanding millage rates and a few other important pieces of property tax terminology:

Millage rates

Millage rate has nothing to do with mills or milling. Rather, the name comes from the Latin "millesimum," which means "one thousandth" (1/1000). Millage rate or mill rate means the amount per every $1,000 of a property's value. Multiple millage rates go into calculating property tax amounts.

Liens

A lien is a legal claim against your property. Liens are established when you neglect to pay your taxes. Tax liens can be applied to land and building property but also to other assets like motor vehicles.

Levies

A tax levy is a more significant penalty for neglecting your taxes in which the government can actually take ownership of your property to pay the debt. The IRS can seize and even sell your assets if they're levied. Fortunately, levies are not applied immediately, but can happen after a tax lien has been placed on property and not removed.

Ad valorem

Ad valorem is another tax term based on Latin roots. It means "according to value" and is used to convey the flexible value of individual properties and assets. Ad valorem is a percentage of the sale price or the assessed value of the asset.

These are just a few of the important tax terms property owners should know. Keep these in mind to better understand your own property taxes and better navigate the financial world.

About the Author
Author

DENISE STEMPIEN REALTOR ABR|SRS|PSA

You can feel confident that you picked the right Realtor because I earned my place as one of the top local real estate agents locally. My website has a ton of resources that can help you search for your new home. Feel free to use my website, free of charge and with no strings attached. If you need representation or just have any questions at all, I'm always here to help. Call me today!

I am fully aware of the current market trends and what it takes to get a great deal on your dream home or get top dollar for your current home. When it comes to getting the job done right, you can count on me.

I have a great team of professional affiliates, including lenders, inspectors, carpet cleaners and even licensed professionals for full renovation projects throughout the Wayne, Oakland, Washtenaw, Livingston, Monroe and Jackson Counties.

This process is all about you and your needs. Real estate is a big investment and I understand that. One thing you will get with me is a professional personal relationship.  We work together through the entire process and in the end, that goes a long way. For more information, feel free to contact me: email, call or text. I would love the opportunity to earn your business and partner with you in regards to your real estate needs.

Denise Stempien ABR, SRS, PSA (734) 658-4389.