15:45
My cycle is all done! Congrats everyone and I enjoyed being here for the ride
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Simple English definitions for legal terms
mill rate
Read a random definition: Standard and Poor’s 500 (S&P 500)
A quick definition of mill rate:
A mill rate is a tax that is applied to real property, which is calculated based on the assessed value of the property. Each mill represents $1 of tax assessment per $1,000 of the property's assessed value. For example, if the mill rate for taxes in a county is 10 mills and a home is valued at $100,000, the owner will pay $1,000 in property taxes. Mill rate is also known as millage rate.
A more thorough explanation:
Mill rate is a tax that is applied to real property. It is calculated by dividing the amount of tax to be raised by the total assessed value of all the properties in a particular area. Each mill represents $1 of tax assessment per $1,000 of the property's assessed value.
For example, if the mill rate for taxes in a county is 10 mills and a home is valued at $100,000, the owner will pay $1,000 in property taxes. This means that for every $1,000 of the home's assessed value, the owner will pay $10 in taxes.
Another example would be if a city has a mill rate of 20 mills and a commercial property is assessed at $500,000, the owner would pay $10,000 in property taxes. This is because 20 mills represents $20 of tax assessment per $1,000 of the property's assessed value, and $20 multiplied by 500 equals $10,000.
Overall, mill rate is an important factor in determining property taxes and is used by local governments to generate revenue for public services and infrastructure.