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  2. The mill levy is a property tax applied based on the assessed value of the property. The rate of the tax is expressed in mills - one mill is equal to one dollar per $1,000 of assessed value. The tax is applied by local governments and other jurisdictions to raise revenue to cover its budget and to pay for public services such as schools.

    www.investopedia.com/terms/m/mill-levy.asp

    A mill levy is a property tax that is based on the assessed value of a property. The rate of this tax is expressed in mills. One mill is equal to $1 for every $1,000 of assessed value.

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    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 expressed in mills and is equal to one dollar per $1,000 dollars of assessed value. The mill levy is calculated by determining how much revenue each tax jurisdiction will need for the upcoming year to fund its budget for public services.
    What is the difference between tax rate and mill levy?The Tax Rate and Mill Levy are two different ways of expressing the same information. The Tax Rate is expressed as a percentage, while the Mill Levy is expressed in mills (1 mill = $1 of property tax for every $1,000 of assessed value). Both factors play a role in determining the total tax rate for a property.
    How does a mill levy work in Colorado?The mill levy is set by local government entities, including cities, counties, school districts, and special districts. It is expressed in “mills,” with one mill representing one dollar of tax for every $1,000 of assessed value. To calculate your property tax, you can use a Colorado property tax calculator. Here are the steps to follow:
    What is a property tax mill levy?While each tax district sets its own mill levy, the sum of the individual district levies within the tax area is used to calculate the property tax paid for property within the tax area. Each tax area consists of different combinations of tax authorities. Therefore, the mill levies for most, if not all areas, differ.
     
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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 homes 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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