GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Mill Rate


Synonyms:property tax rate
Filed Under: real-estate, taxation
Tags: rates, realty, taxes
 

Definition of mill rate

mill rate
1. In reference to property taxes, a unit of taxation is a set ratio made by the city or municipal district.

Related Terms and Acronyms:

  • classified property tax   A local government's levy on real estate that varies depending on the use of the property. Usually, commercial property is taxed more heavily than residential property where a classified property tax exists.
  • infrastructure   Basic installations that a community needs, such as schools, roads, water and electrical lines, power plants and communications systems.
  • local improvement charge   A fixed annual fee levied by a municipality against specific real property for a specific period which amortizes the capital costs of local improvements such as sewers, paved roads, etc. This charge is in addition to real estate taxes.
  • local taxes   Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
  • personal property taxes   Tax paid on real property, intangible, or tangible property. To differentiate between real property and personal property, the tax assessing official must consider the manner in which property is attached to or secured at the location. Also called property taxes.
  • property tax   A levy by a city on real estate and personal property whose amount varies depending on the property's value.

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