The mill rate is the amount of tax payable per dollar of the assesed value of a property. The mill rate is based on “mills”. This is a figure that represents the amount per $1,000 of the assessed value of property, which is used to calculate the amount of property tax.
Property taxes are calculated by multiplying the assessed, taxable property value by the mill rate, and then dividing that sum by 1,000. The calcuation formula is rendered as follows:
Property tax levied on property =
(mill rate x taxable property value)/1,000.