WHAT IS MEANT BY MILLAGE RATES OR MILLS?
A mill is a tax rate passed by a vote of the people. It is defined as 1/10 of one cent and is multiplied by the assessed value after any exemptions have been subtracted to calculate the taxes. For example, if the tax rate is 120 mills and total assessed value is 10,000 with no exemptions, the taxes would be calculated as $10,000 x .120 = $1200.00. If for the same house you had a homestead exemption the taxes would be (10,000 – 7,500) x .120 = $300.00 in taxes. This demonstrates the importance of signing up for homestead if applicable.
