what does mil mean in real estate

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Mill rate is atax rate攖he amount of tax payable per dollar of the assessed value of a property. Mill is derived from the Latin word millesimum, meaning thousandth. As used in property tax, 1 mill is equal to $1 in property tax levied per $1,000 of a property’s assessed value.

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  • What is mill rate in real estate?

  • Mill rate is a tax rate攖he amount of tax payable per dollar of the assessed value of a property. Mill is derived from the Latin word millesimum, meaning thousandth. As used in property tax, 1 mill is equal to $1 in property tax levied per $1,000 of a property’s assessed value.

  • What does 1 mill mean in taxes?

  • As used in property tax, 1 mill is equal to $1 in property tax levied per $1,000 of a property’s assessed value. Government entities set mill rates based on the total value of property within their jurisdiction, to provide the necessary tax revenue to cover projected expenses攔oads, schools, emergency services, and so on攊n their annual budgets.

  • What is the’mill rate’?

  • What is the ‘Mill Rate’. The mill rate is the amount of tax payable per dollar of the assessed value of a property. The mill rate is based on mills..

  • How much is a millage?

  • The term millage is derived from a Latin word millesimum, meaning thousandth, with 1 mill being equal to 1/1000th of a currency unit. As used in relation to property tax, 1 mill is equal to $1 in property tax, which is levied per $1,000 of a property’s determined taxable value.

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