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WHAT IS A MILL ?

WHAT IS A MILL ?. August 13, 2009. It is a unit of measurement used to levy taxes against property. Local tax rates against property are always computed in mills. A mill is 1/10 of one penny.

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WHAT IS A MILL ?

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  1. WHAT IS A MILL ? August 13, 2009

  2. It is a unit of measurement used to levy taxes against property. • Local tax rates against property are always computed in mills.

  3. A mill is 1/10 of one penny.

  4. One mill produces $1.00 in tax income for every $1,000 of assessed value of property it is levied against. • One mill produces $1,000 in tax income for every $1 million of assessed value of property it is levied against.

  5. For example, if the total property assessed valuation for tax purposes in your school district was $50 million and the district had an effective tax rate of 30 mills, the income produced would be $1,500,000 per year.

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