Millage Rate
Barron's Business Dictionary:
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Millage Rate
Tax rate applied to property. Each mill represents $1 of tax assessment per $1,000 of assessed property value. For example, the millage rate for property taxes in the Bumpton school district is 20 mills. A home with assessed value of $100,000 pays $2,000 a year in property taxes to the district.
| Milking Strategy, Milking, Military-Industrial Complex | |
| Millionaire, Millionaire On Paper, Mineral Lease |
Barron's Real Estate Dictionary:
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Millage Rate
A tax rate applied to property. Each mill represents $1 of tax assessment per $1,000 of assessed property value.
Example: The millage rate for property taxes in the Bumpton school district is 20 mills. A home with assessed value of $100,000
pays $2,000 a year in property taxes to the district.
Example: The millage rate for property taxes in the Bumpton school district is 20 mills. A home with assessed value of $100,000
pays $2,000 a year in property taxes to the district.
| Mill, Military Clause | |
| Mineral Deed, Mineral Lease |
Investopedia Financial Dictionary:
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Millage Rate
The amount per $1,000 that is used to calculate taxes on property. Millage rates are most often found in personal property taxes, where the expressed millage rate is multiplied by the total taxable value of the property to arrive at the property taxes due. Millage rates are also used by school boards to calculate local school taxes to be collected, based on a derivation of the total property value within school district boundaries.
Investopedia Says:
The term is derived from the root word mill, which means "thousand". Millage rates are often expressed mathematically with the symbol %o, as in 1%o, which is one part per thousand, or 0.1%. Millage rates for individual properties are usually found on the property deed itself.
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Barron's Business Dictionary
Dictionary of Business Terms. Copyright © 2007 by Barron's Educational Series, Inc. All rights reserved.
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Barron's Real Estate Dictionary
Dictionary of Real Estate Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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