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- In real estate, "mills" refers to the tax rate per dollar of assessed property value12345. Specifically:
- One mill equals $1 per each $1,000 of assessed value.
- It is derived from the Latin word "millesimum," meaning "thousandth part."
- For example, a property taxed at 80 mills would be $1,600 for every $20,000 of assessed value.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Definition A mill rate is used to calculate property taxes. It's based on the property's assessed value and 1 mill equals $1 per each $1,000.www.thebalancemoney.com/what-is-a-mill-rate-518…The term mill derives from the Latin mille, which translates into thousand. 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.www.homelight.com/blog/what-is-mill-rate/Derived from the Latin word "millesimum," millage or mill means "thousandth part." Millage or mills represent the amount of tax for every $1,000 of a property's assessed value. Thus, a mill is one-thousandth of a dollar, or $1 of tax for every $1,000 of a property's assessed value.www.fool.com/the-ascent/taxes/what-is-a-millage-r…Mills are a common term in expressing tax rates per dollar of assessed valuation. For example, a property is taxed at the rate of 80 mills. If a property were assessed at $20,000 and the tax rate was 80 mills, the tax would be $20,000*.08 cents=$1,600.www.realestateagent.com/real-estate-glossary/rea…Mill Rate is one-tenth of a cent. Some states use a mill rate to determine real estate taxes. A rate of 29 mills would be a tax of $0.029 for each dollar of assessed value.www.clearcapital.com/resources/glossary-of-terms/… - People also ask
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