Understanding the Mill Rate Mill rate is also known as the millage rate. The term "millage" is derived from a Latin wordmillesimum,meaning thousandth, with 1 mill being equal to 1/1000th of a currency unit. As used in relation to property tax, 1 mill is equal to $1 in property tax...
1/1,000, or 10% of 1% of a measure. Mills are used in the calculation ofproperty taxes. See also:Mill rate. Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved mill One-tenth of one cent, or $0.001. Ad valorem (property) taxes are usually expressed in terms of ...
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