Mill Rate

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Mill Rate

The way a property tax assessment is expressed. It is called the mill rate because it is expressed in mills (one tenth of one cent) per dollar. The mill rate is the number of mills per dollar of a property's value.
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Education property tax mill rates have been lowered, and while some property owners may see taxes go up because of assessments that went up more than average, overall the changes to rates keep the revenue from education property tax neutral in terms of re-assessment.
Mill rate (MR) is the sum of mill rates of all local governments in which a particular property is located: county, school district, and, in some cases, city, township, and/or special district(s).
In the next major statutory change, the 1989 Legislature eliminated the 1977 taxable value provision, returning to the older, simpler system of applying mill rates directly to assessed values.
Thus, counties with low taxable values tend to have high mill rates, and vice-versa.
This drawdown is largely due to pay-as-you-go capital expenditures (for which reserves were specifically set aside) and maintenance of mill rates at their current levels.
The commodities would be available at the shops at the rate less than 10 to 15 percent from market rate and in most of the cases at ex mill rates.
But overall, we are holding the line on education property tax mill rates.
Agricultural property is subject to the same mill rate as all other property in a district, but mill rates vary from district to district.
The commodities will be available at these shops at the rate less than 10 to 15 percent from market rate and in most of the cases at ex mill rates.
EPT mill rates are decided in the budget process and announced on budget day.
The data also show dramatic increases in mill rates.
Table 1 reports statewide taxable values, mill rates, and taxes levied for each year from 1987 through 1994.