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Glossary of Terms > P > PROPERTY TAX

PROPERTY TAX

The taxes charged by your town of residence, assessed annually. It is 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.

P Terms

PAYMENT CHANGE DATE

PERIODIC PAYMENT CAP

PERIODIC RATE CAP

PIGGYBACK LOAN

PITI

POINTS

PRE-APPROVAL

PRE-QUALIFICATION

PRECONSTRUCTION

PREPAYMENT

PREPAYMENT PENALTY

PRIME RATE

PRINCIPAL

PRINCIPAL, INTEREST, TAXES & INSURANCE (PITI)

PRIVATE MORTGAGE INSURANCE (PMI)

PROBATE

PROMISSORY NOTE

PROPERTY TAX

PURCHASE AGREEMENT