Knowledge Base

What is a millage rate?

Category: Property Taxes
A millage rate is the tax rate used to calculate local property taxes. The millage rate represents the amount per every $1,000 of a property’s assessed value. Assigned millage rates are multiplied by the total taxable value of the property in order to arrive at the property taxes. Millage gets its name from the Latin word "millesimum," or "mill" for short, which means "thousandth part" (1/1000). The term millage rate is also referred to as the mill rate or the effective property tax rate.
Updated 6/2/2021 2:44 PM
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