Ad Valorem Tax
A direct tax calculated “according to value” of property. An ad valorem tax is normally the one substantial tax that may be raised or lowered by a local governing body without the sanction of superior levels of government (although constitutional or statutory restrictions such as tax rate limitations may limit this right).
Fair Cash Value (Market)
The value or price at which a willing buyer would purchase property and a willing seller would sell property if both parties are knowledgeable about the property.
Taxable Fair Cash Value (Capped)
The annual increase in taxable fair cash value is limited to 3% on homestead property and agricultural land, and 5% on all other real property unless the property is transferred, changed, or conveyed during the preceding calendar year, or improvements were made to the property.
Assessed Value
The percentage of the fair cash value of personal property, or the percentage of the taxable fair cash value of real property, either of individual items of personal property, parcels of real property or the aggregate total of such individual taxable items or parcels within a jurisdiction.
Assessment Percentage
The percentage applied to personal property and real property to determine assessed value. Taxes are not levied on the full value of properties. The Constitution limits taxation to 35% of the fair cash value of the property. Real and personal property are assessed by a county official, the county assessor. For the 2020 tax year, the Payne County assessment percentage was 11.40%.
General Obligation Bond or GO Bond
Typically refers to a bond issued by a state or local government that is payable from general funds of the issuer, although the precise source and priority of payment for general obligation bonds may vary considerably from issuer to issuer depending on applicable state or local law. General obligation bonds issued by local units of government often are payable from the issuer’s ad valorem taxes.
Millage
The rate used in calculating taxes based upon the value of the property expressed in mills. One mill is 1/1000th of a dollar or .001. Ten mills equal one penny. Stated another way, a mill is a tax of one dollar per thousand dollars of property valuation subject to taxation.
Mill
One mill is 1/1000 of a dollar, or .001. Ten mills equal one penny. Stated another way, a mill is a tax of one dollar per one thousand dollars of property valuation that is subject to taxation.
Multi-Modal Transportation Policy
The City of Stillwater follows its Multi-Modal Transportation Policy that promotes “safe and sustainable streets which accommodate all users of the transportation network, foster community spaces that provide mobility and improve quality of life.” The policy guides the creation of a transportation system that provides connectivity and promotes consistent movement of all modes of traffic. People of all ages and abilities should be able to safely move along the transportation corridors within our community, regardless of how they are traveling.
Streetscapes
The visual elements of a street, including the road, adjoining buildings, sidewalks, street furniture, trees, and open spaces, etc, that combine to form the street's character. Streetscapes create a more welcoming, appealing and positive community by effectively uniting facilities and infrastructure with sustainability and destination practices.
Content last reviewed 04.23.2021
