Millage - sustany/dvg GitHub Wiki

The tax rate on real estate, used to calculate property tax. �Millage is one of the three primary factors in determining property tax levies, the others being fair market value and assessment ratio. �Millage is applied and calculated in terms of mills per dollar. �One mill equals a tenth of a cent, or one-thousandth of a dollar. �To calculate property tax, divide the millage by 1,000 and multiply it by the property�s assessed taxable value. �A rate of 255.6 mills means a tax of 25.56 cents or .2556 dollars is to be charged per dollar of assessed value (assessed value is the product of fair market value and assessment ratio).

For example: For example, if the millage rate is 20, and the taxable value of your house is $200,000, the property tax is 0.020 x $200,000 or $4,000.

Typically, millage differs from county to county, and is determined by each local governing body each year. School districts, cities, counties, and public service districts all set their own individual millage. �As local governments are not supposed to receive a tax windfall, and are only supposed to collect tax in the amount necessary to fund operations and service debt, millage increases are capped.