Mill Rate Calculator
Mill Rate
Calculate the property tax mill rate and estimate property tax based on assessed value and total municipal budget
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mills
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Formula
Annual Tax = (Assessed Value - Exemptions) / 1,000 x Mill Rate
Frequently Asked Questions
What is a mill rate?
A mill rate is the amount of tax per one thousand dollars of assessed property value. One mill equals one-tenth of one cent, or $1 per $1,000. A mill rate of 25 means $25 in tax per $1,000 of assessed value.
How is the mill rate determined?
The mill rate is set by local governments based on the total budget needs divided by the total taxable property value in the municipality. It is typically adjusted annually to meet revenue requirements.