Millage Rate

Posted by PRO Wed, 14 Jun 2006 15:46:00 GMT

A tax rate (used to compute property taxes) expressed as the number of mills to be applied.

A mill is one-tenth (1/10) of one cent. The mill rate can be confirmed through the tax collector’s Web site.

Formulas:

Taxable Value = Assessed Value - Homestead Exemption

Property Taxes = Taxable Value x Mill Rate

Sample Calculation:

  • Mill Rate = 23.9

  • Property’s Assessed Value = $65,000

  • Homestead Exemption = $25,000

$65,000 (assessed value) - $25,000 (homestead exemption) = $40,000 (taxable value)

$40,000 (taxable value) x .0239 (mill rate) = $956 (property taxes)

Tax collector Web sites:

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