Glossary of Municipal Securities Terms

MILLAGE

The rate used in calculatingĀ taxes based upon the value of property, expressed in mills. For example, if the property tax is 20 mills and the property is assessed at $150,000, the property tax is $3,000. See: AD VALOREM TAX; ASSESSED VALUATION; MILL; TAX RATE.

Search the Glossary

 

Browse Terms by Letter