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- To calculate the mill rate, you need to12:
- Find the current mill rate for your area. Contact your municipality's property tax department for the rate.
- Divide the mill rate by 1,000 to convert it to a decimal. For example, if the mill rate is 10, divide 10 by 1,000 to get 0.01.
- Multiply the decimal mill rate by the assessed value of your property to calculate the property tax you owe. For example, if your property's assessed value is $100,000 and the mill rate is 0.01, multiply 0.01 by $100,000 to get $1,000.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Remember, you define a mill as 1/1000 of $1. So to convert millage rates to dollar rate amounts, divide each mill rate by 1,000. Continuing with the example, divide 10 mills by 1,000 to get 0.01. Divide 5 mills by 1,000 to get 0.005. Then, multiply each result by your property’s taxable value.
finance.zacks.com/calculate-property-tax-using-mil…How to Calculate the Mill Rate
- Step 1 Find the current mill rate for your area. Contact your municipality's property tax department for the rate. ...
www.sapling.com/6386360/calculate-mill-rate - People also ask
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