Mill rate
A tax rate expressed in dollars per thousand of value.
One mill is one dollar per $1,000 of taxable value. A 20-mill rate on a $100,000 taxable value produces $2,000 in tax.
It is the same idea as a percentage rate written differently: 20 mills is 2%, and 45 mills is 4.5%. States use one convention or the other largely for historical reasons, and some publish both on the same bill.
The practical use is converting a saving into money. If your assessment falls by $10,000 in a 45-mill jurisdiction, the annual saving is $450 — before exemptions, and before any equalization factor your state applies. Doing that arithmetic before filing tells you whether an appeal is worth the afternoon it takes.
Related
- Tax rate — The multiplier applied to your taxable value, set by the bodies that tax you.
- Levy — The total amount a taxing body decides to collect.
Property tax is state law and the details differ. For what applies where you live, see coverage by state and your appeal deadline.