What term refers to the amount used for calculating property taxes?

The term that refers to the amount used for calculating property taxes is taxable value. Taxable value is determined by taking the assessed value of a property and adjusting it based on any applicable exemptions or local assessment regulations. This value is then multiplied by the local millage rate to compute the property tax owed.

Millage represents the rate at which property taxes are levied, expressed in mills per thousand dollars of assessed value, but it does not itself represent the amount used for tax calculation. Therefore, while millage is essential in the overall calculation of property taxes, it is the taxable value that serves as the basis for this calculation.

The assessment ratio is the percentage of a property's market value that is assessed for tax purposes and can influence the determination of taxable value, but it is not the actual figure used for tax calculations. Exempt status indicates properties that are excluded from property taxes, further showing that neither this nor the assessment ratio directly represents the amount subject to taxation.