Mill Rate

Filed Under » ,
Dictionary Says

Definition of 'Mill Rate'

The amount of tax payable per dollar of the assessed value of a property. The mill rate is based on "mills"; as each mill is one-thousandth of a currency unit, one mill is equivalent to one-tenth of a cent or $0.001. Property tax in dollar terms is calculated by multiplying the assessed property value and the mill rate and dividing by 1,000. As a property may be subject to tax by a number of different authorities, mill rates are set by each taxing authority so as to meet the revenue projections in their budgets.
Investopedia Says

Investopedia explains 'Mill Rate'

For a given jurisdiction, mill rates may depend on the classification of property, whether it is residential, commercial, industrial, agricultural and so on.

As an example of using the mill rate to calculate the dollar amount of property tax payable, consider a property with an assessed value of $300,000 that is located in a jurisdiction with a mill rate of 15. The property tax levied would therefore be $4,500.

Related Definitions

Search results for

'Mill Rate'

  • How Property Taxes Are Calculated

    http://www.investopedia.com/articles/tax/09/calculate-property-tax.asp
    ... Tax levies for each tax jurisdiction in an area are calculated separately and then
    all the levies are added together to determine the total mill rate for an ...

  • Downsize Your Home To Downsize Expenses

    http://www.investopedia.com/articles/pf/07/downsize.asp
    ... Will Your Home Sale Leave You With Tax Shock?) Calculating Taxes and Mill Rates
    Real ... foot home assessed at $300,000 and taxed at a 30-mills-tax rate pays about ...

  • The Power Of Steve Jobs - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/0111/The-Power-Of-Steve-Jobs.aspx
    ... iPad Also Launched The Rumor Mill Apple was at it again leading up to the iPad
    launch. ... Rate this Article: Your Rating: Overall Rating: Vote Now! ...

  • On This Day In Finance: June 26 - Federal Credit Union Act Signed ...

    http://financialedge.investopedia.com/financial-edge/0609/On-This-Day-In-Finance-June-26---Federal-Credit-Union-Act-Signed.aspx
    ... was established as a way to provide financial services to French-Canadian textile
    mill workers that ... Rate this Article: Your Rating: Overall Rating: Vote Now! ...

  • Alcoa Predicts Aluminum Boom

    http://stocks.investopedia.com/stock-analysis/2010/Alcoa-Predicts-Aluminum-Boom-AA-FLR-NOR-KALU1116.aspx
    ... 73 million metric tons by 2020, for a compound annual growth rate of 6.5 ... company
    recently started construction on an aluminum smelter and rolling mill in Saudi ...

  • The Giants Of Finance: Andrew Carnegie

    http://www.investopedia.com/articles/financial-theory/09/andrew-carnegie.asp
    ... The militia was eventually called in and the mill went back into operation with
    non-union workers, but the fight continued. ... Rate data provided by. ...

  • Municipal Bond Tips For The Series 7 Exam

    http://www.investopedia.com/articles/professionaleducation/07/Series_7_municipal.asp
    ... Estimated Market (Sale) Value x Aassessment Rate (%) = Assessed Value x Millage
    Rate (1 mill = $.001 or 1/10 th of a cent) = Taxes Due. ...

  • Social Networking Your Way To More Money - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/1110/Save-Money-With-Social-Networking-.aspx
    ... you find a job using better methods than your buddy and the rumor mill. ... Once the
    two people are connected, an interest rate is negotiated and using Lendingclub ...

  • Subprime: Reality Check

    http://stocks.investopedia.com/stock-analysis/2007/Subprime_Reality_Check.aspx
    ... only and ARM loans are still being granted to run-of-the-mill credit consumers. ... combined
    could tie the Fed's hands when it comes to future rate cut decisions. ...

  • Top 12 Things Not To Put On Your Resume - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/0911/Top-12-Things-Not-To-Put-On-Your-Resume.aspx
    ... A resume that's different than the usual run-of-the-mill submissions will grab the
    attention of HR ... Rate this Article: Your Rating: Overall Rating: Vote Now! ...

Related Articles

Bank Rates
Product Today Last Wk
$10K MMA 0.50% 0.51%
MMA 0.45% 0.46%
6 Month CD 0.46% 0.47%
1 Year CD 0.70% 0.75%
5 Year CD 1.46% 1.46%
1 Year Jumbo CD 0.66% 0.67%
Rate data provided by Bankrate
Product Today Last Wk
$30K HELOC 4.59% 4.60%
$30K Home Equity Loan 5.74% 5.77%
$50K Home Equity Loan 5.45% 5.50%
$50K HELOC 4.24% 4.24%
$100K Home Equity Loan 5.41% 5.46%
$100K HELOC 4.13% 4.13%
Rate data provided by Bankrate
Product Today Last Wk
30 Year Fixed 3.80% 3.80%
15 Year Fixed 3.09% 3.11%
1 Year ARM 3.54% 3.53%
30 Year Fixed Jumbo 4.38% 4.38%
5/1 ARM 2.65% 2.69%
3/1 ARM 2.69% 2.69%
Rate data provided by Bankrate
Product Today Last Wk
60 Month Used Car Loan 4.51% 4.51%
48 Month Used Car Loan 4.35% 4.35%
48 Month New Car Loan 3.24% 3.24%
36 Month Used Car Loan 4.34% 4.36%
36 Month New Car Loan 3.11% 3.13%
60 Month New Car Loan 3.35% 3.34%
Rate data provided by Bankrate
Partner Links