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In real estate, a mill is a unit of measurement used to express property tax rates.
One mill equals $1 of tax for every $1,000 of assessed property value.
For example, if a property's assessed value is $200,000 and the local property tax rate is 15 mills, the property owner would pay $3,000 in property taxes.
Here's the calculation:
$200,000 (assessed value) * 15 mills (tax rate) / 1,000 = $3,000 (property tax)
Mill rates are used by municipalities to determine the amount of property tax revenue they will collect. This revenue is then used to fund local services such as schools, police departments, fire departments, and infrastructure.
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