Q:

How much is the property tax mill rate?

A:

Quick Answer

One mill equals 1/1,000 of $1, or $1 of tax for every $1,000 of assessed property value, according to Zacks. Properties typically are assessed different mill rates by various jurisdictions, such as city, county and state governments.

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Full Answer

Information about the mill rates at which a property is taxed is usually included on the property's tax bill. It is also available at the assessor's office in the county or city where the property is located, according to Zacks. The mill rate is applied to the assessed value of the property. In some jurisdictions, exemptions are available that reduce the value of the property and the assessed tax.

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