Money & budgets
property tax
A local tax on the assessed value of real estate. The main funding source for public schools, and the reason school funding varies by neighborhood.
In full
A property tax bill is the assessed value times a rate, often expressed in mills, or dollars per thousand of value. Because assessments follow local property values, districts with expensive property can raise more per student at a lower rate, which is the structural inequality that state equalization formulas and school finance lawsuits address.
Also written as: millage, mill rate
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A plain-language explanation for civic education, not legal advice. When in doubt, the official source named above controls.