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Simple English definitions for legal terms
millage rate
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A quick definition of millage rate:
Millage rate: A tax that is applied to real property based on its assessed value. Each mill represents $1 of tax assessment per $1,000 of the property's assessed value. For example, if the mill rate for taxes in a county is 10 mills and a home is valued at $100,000, the owner will pay $1,000 in property taxes. Millage rate is also known as mill rate.
A more thorough explanation:
A millage rate is a tax rate applied to real property. It is calculated by dividing the total amount of taxes needed by the assessed value of the property. Each mill represents $1 of tax assessment per $1,000 of the property's assessed value.
For example, if the millage rate for taxes in a county is 10 mills, and a home is valued at $100,000, the owner will pay $1,000 in property taxes (10 mills x $100 assessed value = $1,000).
The millage rate is used to determine the amount of property tax that a property owner must pay. It is an important factor to consider when buying or owning a property, as it can significantly impact the amount of taxes owed.