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Property taxes are also expressed in terms of mills per dollar assessed (a mill levy, known more widely in the US as a "mill rate"). For instance, with a millage rate of 2.8₥, a house with an assessment of $100,000 would be taxed (2.8 × 100,000) = 280,000₥, or $280.00. The term is often spelled "mil" when used in this context. [5]
The property tax rate is typically given as a percentage. It may be expressed as a per mil (amount of tax per thousand currency units of property value), which is also known as a millage rate or mill (one-thousandth of a currency unit). To calculate the property tax, the authority multiplies the assessed value by the mill rate and then divides ...
He said the mill levy — or assessed property tax rate — would likely increase by between $50 and $100 annually for homeowners who don't qualify for the veteran's exemption if both proposed ...
The levy authorizes an eight-year tax increase for collection beginning in 2025 of approximately 65 c ... explained that the 65-cent levy rate is called the “mill rate.” The mill rate on a ...
The description of a mill levy is simply a property tax, which is applied to a property based on its assessed value. "So for instance, in Abilene, our assessed valuation is $59 million, so that is ...
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The Ottawa County Auditor estimates the levy will collect $1,198,000 annually, at a rate not exceeding 0.5 mill for each $1 of taxable value, which amounts to $17.50 for each $100,000 of the ...
The currently proposed mill levy is 50.000, 4.333 mills above the revenue neutral rate. The mill levy for 2024 is 47.356. The proposed mill levy is subject to change, Johnson said.