Definition: A property tax rate is the multiplier applied to taxable value to calculate a value-based tax; Florida property-tax rates are commonly stated in mills.
Example
A rate of 12 mills converts to 0.012, producing $2,400 tax on $200,000 taxable value.
Keep the distinction clear
Taxing authorities set their rates; the property appraiser determines values and applicable exemptions. Non-ad valorem charges require a different calculation.
Related terms
Mill · Millage · Taxable Value
Keep studying
Homestead Exemptions and Property-Tax Math
References: Florida Department of Revenue: the property tax system
Pronunciation (US): PRAH-per-tee taks rayt (capitals show stress)
Pronunciation reference: Merriam-Webster
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