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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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The tax amount due for any piece of property is given by Tax amount = assessed value x mill rate = AV x MR 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).
A question related to the tax rate changes given in Table 1 is whether repealing counties increased their real estate tax mill rates before the year of repeal.
Thus, counties with low taxable values tend to have high mill rates, and vice-versa.
 
 
 
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