millage rate

Definition

The tax rate used to calculate property taxes, expressed as dollars per $1,000 of assessed value. Because 'taxes per thousand' sounds friendlier than the actual tax bill.

Example Usage

With a millage rate of 15, the property taxes on a $300,000 assessed value would be $4,500 annually.

Origin

From Latin 'millesimum' meaning thousandth, adopted into taxation terminology

Fun Fact

Municipalities sometimes play games with millage rates—lowering the rate while simultaneously increasing assessed values to keep revenue steady.

Source: Property taxation terminology

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tenant improvement allowance

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Assessed Value

The government's opinion of what your property is worth, used exclusively to calculate how much tax you owe. It's magically always high enough to maximize your tax bill but too low to impress your neighbors.

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metes and bounds

A property description system using distances (metes) and directions (bounds) to define boundaries, starting from a point of beginning and returning there. The most complicated way possible to say 'here's where your fence goes.'

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foreclose

The bank's legal power move when you can't make mortgage payments, essentially repo'ing your house and evicting your dreams of homeownership. It's the financial equivalent of 'if I can't have you, nobody can,' except it's your lender and your property. The process involves courts, judgments, and that sinking feeling that you should have read the fine print.

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construction loan

Short-term financing for building or renovating property, typically disbursed in stages as construction progresses rather than all at once. It's banking's trust exercise, betting you can actually finish the project before the money runs out.

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right of first refusal

A contractual right giving someone the first opportunity to purchase a property before the owner can sell to others. It's like a permanent dibs on real estate.

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