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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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.
Property tax mill rates were raised and city voters began rejecting the first of seven attempts to resurrect a sales tax.
(12) For taxation purposes "mill rate" is defined as one thousandth of the official assessed value of a property.
Thus, counties with low taxable values tend to have high mill rates, and vice-versa.
Currently, the mill rate for commercial property owners is 1.5 times that of residential property owners.
The Ministry of Government Relations will conduct further review and consult with business stakeholders and the municipal sector to develop a long-term policy for placing limits on mill rate factors to take effect in 2014.
No one knows what an acceptable budget and subsequent mill rate might be, but at least one person offered the selectmen a way to reduce spending without reducing services yesterday.
The 10 counties which experienced the largest percentage increases in taxes have an average mill rate of 357 - about 20 mills below the state average.
* public votes on mill rate increases and large capital project expenditures
The tax mill rate was reduced by 4.66%, or 1.35 mills, to 27.6 mills, reflective of the tax base increase.
The mill rate was set at 17.97, a one mill increase over last year.
"However, I am expected to dole out, at an increased mill rate, more than what operations in the towns are paying." Quan made the statement in a letter to Northern Development Minister Rene Fontaine.