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mill
(redirected from mil)

    Also found in: Dictionary/thesaurus, Legal, Acronyms, Encyclopedia, Wikipedia 0.02 sec.
Mill
1/1,000, or 10% of 1% of a measure. Mills are used in the calculation of property taxes. See also: Mill rate.
mill

One-tenth of one cent, or $0.001. Ad valorem (property) taxes are usually expressed in terms of a certain number of mills.A rate of 12.4 mills means that a property assessed for $100,000 would have ad valorem taxes of 12.4 (rate) 0.001 (mill) $100,000 (assessed value) for a tax of $1,240.
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