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UMSA
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Unincorporated Municipal Services Area. Locations within the county that are currently not part of an established municipality. |
| Mitigation | annual payment made to the county to offset the taxes lost due to incorporating |
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Ad Valorum tax
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a tax levied as a percentage of the value of the item, rather than at a flat rate. E.g. a tax based upon the assessed value of property. The term "property tax" may be used interchangeably with the term "ad valorem tax." |
| Millage Rate | Is the tax rate set by the taxing authorities. The rate is expressed in mills and is multiplied by your assessed value to determine your tax. |
| Property Value or Market Value | The property appraiser’s best estimate as to how much your house would sell for on the open market. |
| Assessed Value | Portion of your property’s market value which is subject to taxation. It is always less than the market value. |
| PAC | Political Action Committee. |
| Homestead Exemption | Property tax deduction on property value if you own and live in the home. Typical deduction is $25,000 after the first year of residency. |