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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
What Is a Mill Rate, and How Are Property Taxes Calculated?
The mill rate is simply a tax rate that is used to assess the property tax within a jurisdiction. It utilizes a specific calculation (1 mill is equal to $1 in property tax levied per $1,000 of a property's assessed value) and this amount is used to pay for government expenses within the area where the property is situated. See more
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 … See more
Mill rate is also known as the millage rate. The term "millage" is derived from a Latin word millesimum,meaning thousandth, with 1 … See more
Property taxesare calculated by multiplying the assessed, taxable property value by the mill rate and then dividing that sum by 1,000. The calculation formula is rendered as follows: Property tax levied on property = (mill rate x taxable property value) ÷ 1,000 For … See more
The mill rate for your property is determined by who or what is taxing you. That means that different mill rates are charged by different agencies, including the township/city, the … See more
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