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- Mill rate is a tax rate—the amount of tax payable per dollar of the assessed value of a property. Mill is derived from the Latin word millesimum, meaning thousandth. As used in property tax, 1 mill is equal to $1 in property tax levied per $1,000 of a property's assessed value.www.investopedia.com/terms/m/millrate.asp
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WEBJul 29, 2021 · In the context of property taxes, one mill rate equates to a $1 tax levy for every $1,000 of a home’s assessed value. For example, a home assessed at $300,000 with a mill rate of 3 would be taxed $3 for …
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WEBUpdated September 24, 2020. Reviewed by. Ebony Howard. What Is a Mill Levy? The mill levy is a property tax. It is applied to a property based on its assessed value. The rate of the tax is...
WEBOct 31, 2018 · Your local government assesses your property’s value annually or at some other interval and uses a tax rate called a mill rate to figure your annual property tax. Tip. One mill by definition equals...
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