OwningIntermediate

What Is Millage Rate?

A millage rate is the property tax rate a local government charges, expressed as dollars owed per $1,000 of a property's assessed value.

Most useful for: Homeowner

At a Glance

Millage Rate

Annual Property Tax=Assessed Value×(Millage Rate ÷ 1,000)

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A property assessed at $300,000 in a district with a 25 mill rate owes $7,500 in annual property tax.

Formula

Annual Property Tax = Assessed Value \times (Millage Rate \div 1,000)

Annual Property Tax = Assessed Value × (Millage Rate ÷ 1,000)

Example

A property assessed at $300,000 in a district with a 25 mill rate owes $7,500 in annual property tax.

Why it matters

Millage rates vary significantly between neighboring municipalities and school districts, so two similarly priced homes can have very different tax bills.

Related Terms

Property Tax Assessed Value

More Owning Terms

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This definition is provided for general educational purposes and is not financial, legal, tax, or real estate advice. Verify important decisions with appropriately qualified professionals.

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