07 Jul What Is Meant By Millage Rates Or Mills?
Posted at 15:47h in Uncategorized
Millage is the percentage of value that is used in calculating taxes. A mill is defined as 1/10 of 1 percent and is multiplied by the assessed value after any exemptions have been subtracted to calculate the taxes. For example: if the tax rate is 150 mills and total assessed value is $10,000 with no exemptions, the taxes would be calculated as $10,000 x .150 = $1,500.00. If for the same house you had a homestead exemption the taxes would be: $10,000 – $7,500(H.E.) = $2,500.00 x .150 = $375.00 in taxes. This demonstrates the importance of filing a homestead exemption.