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Mill Rate
(redirected from Millage rate)

   Also found in: Wikipedia 0.01 sec.
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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This is because local lawmakers are voting for higher millage rates — the tax rate per $1,000 of property values — to counteract the low market values.
For instance, changes in assessed property values and millage rates, or the amount per $1,000 that is used to calculate property taxes, will directly affect property tax revenues.
Under current law, local governments are allowed to levy a millage rate to recover the tax loss due to the loss of tax base by a majority vote of the governing body.
 
 
 
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