Direct answer
What does tax rate mean?
A tax rate is the rate applied to taxable assessed value to calculate property tax for a jurisdiction.
Exam cue: Read whether the rate is stated as a decimal, percentage, dollars per thousand or mills.
What does it look like in a question?
Example
A $25 rate per $1,000 applied to $200,000 taxable value produces $5,000.
Common exam trap
What should you not confuse it with?
Tax rate is not the same as equalization rate.
Related taxes and assessments terms
Assessed valueAssessed value is the value placed on real property for property-tax administration.Assessment rollAn assessment roll is the official municipal record listing parcels, assessed values, exemptions and related assessment information.Equalization rateThe equalization rate is New York State's measure of a municipality's overall level of assessment, calculated from total assessed value and total market value.ExemptionA property tax exemption is a law-based reduction or removal of qualifying property value from specified property taxation.Tax levyA tax levy is the total amount a taxing jurisdiction determines it must raise through property taxes.Tax lienA tax lien is a charge against real property that secures payment of unpaid property taxes.
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