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MILLAGE RATE INFORMATION
Taxing authorities levy annual taxes on the taxable property
in their jurisdictions. The rate at which a taxing authority levies tax is
usually expressed in mils. One mil represents a rate of .001, and can be
confusing if millage is confused with millage rate. The easiest way to think of
millage is in "dollars per thousand"; that is, a rate of one mil is equal to one
dollar of tax for each 1000 dollars of taxable value. The following example may
be helpful.
If a taxing authority levies 10 mils on $1000 of taxable
value... *The millage levy would be expressed as 10 mils *The millage rate would
be expressed as .010 (.001 x 10) *The amount of tax would be calculated as $1000
x .010 = $10.00 *10 mils generates $10 of tax for each $1000 of taxable value.
The calculation of taxes on your home might look like this,
depending on the value of your home and the taxing district you live in. This is
a hypothetical example:
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