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- A mill rate is a figure that represents the amount of tax payable per dollar of the assessed value of a property1. It is based on "mills", which are one one-thousandth of a dollar, or 0.1%21. A mill rate is used to calculate the amount of property tax by multiplying it by the value of a property213. For example, if the mill rate is 10, then a property with an assessed value of $100,000 would pay $1,000 in property tax (10 x $100,000 / 1,000)3.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The mill rate is the amount of tax payable per dollar of the assessed value of a property. The mill rate is based on "mills." It is a figure that represents the amount per $1,000 of the assessed value of the property, which is used to calculate the amount of property tax.www.investopedia.com/terms/m/millrate.aspA mill rate, often referred to as a millage rate, is used to calculate property taxes by multiplying it by the value of a property. A mill is one one-thousandth of a dollar, and in property taxes, 1 mill equals $1 per each $1,000, and 1 mill also equals 0.1%.www.thebalancemoney.com/what-is-a-mill-rate-518…
A mill rate determines the amount of property tax each homeowner is responsible for paying. This tax amount is expressed as one dollar for every $1,000 of assessed property value; mill or per mill means per thousand.
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