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Glossary of Terms > P > Property Tax

Property Tax

The taxes charged on your property by your town of residence, assessed annually. Generally calcuated in "mills," i.e. 27 mills per $1,000 of assessed value. Under this example a home assessed at $100,000 would carry property taxes of $2,700 a year. The assessed value is not the same as the list price, and expense is not part of your mortgage payment.

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