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A tax exemption is a monetary exemption that reduces the taxable value of property. Exemptions are significant because they can substantially lower a property owner's tax liability.

Tax Increment Financing is a public financing method used for subsidizing development, infrastructure, and other community projects. The significance of TIF lies in its ability to promote economic development without upfront expenditures.

The property tax rate, usually expressed as a percentage, is the rate at which the assessed value of a property is taxed. This rate is significant because it determines the amount of property tax owed.

A tax levy is the legal process by which a property tax is imposed on a property owner. The significance of a tax levy is that it's the means by which a government collects revenue to fund public services.

A homestead exemption lowers the property taxes for a person's primary residence. The significance lies in its role in protecting homeowners' affordability and preventing property tax levels from becoming a burden.

Capital improvements are enhancements to a property that increase its value or extend its life. Such improvements can affect property taxes by potentially increasing the assessed value of a property.

A property tax appeal is a legal challenge made by a property owner disputing the assessed value of their property. This process is significant because it can lead to reduced property taxes if the appeal is successful.

Fair Market Value represents the estimated price at which a property would sell in a fair transaction between a willing buyer and seller. FMV is significant as it's often used as a basis for property assessments and taxation.

Ad valorem tax is a property tax based on the assessed value of an item, such as real estate or personal property. The tax's significance stems from its proportionality to the value of the property.

A tax lien is a legal claim against a property for unpaid property taxes. This is significant because it gives the taxing authority a legal right to the property, which can lead to foreclosure if taxes remain unpaid.

Real property tax is a tax on immovable property like land and buildings. This tax is a major source of revenue for local governments and is significant for funding community services and infrastructures.

The millage rate is the amount per $1,000 of property value that is used to calculate local property taxes. This rate is crucial to understanding the actual dollar amount taxpayers will owe for their property taxes.$

The assessment ratio is the percentage of the property's value that is subject to taxation. This ratio is important because it helps determine the taxable value of the property.

Personal property tax is levied on movable property such as vehicles, boats, and equipment, rather than real estate. This tax is significant as it adds to the total tax burden of individuals and businesses.