Definition: A mill is one-thousandth of a dollar. For property taxes, one mill equals $1 of tax per $1,000 of taxable value.
Example
One mill applied to $150,000 of taxable value produces $150 in tax.
Keep the distinction clear
One mill is 0.001 as a multiplier, or 0.1%, not 1%. Divide the number of mills by 1,000 before multiplying taxable value.
Related terms
Millage · Tax Rate (Property Taxes) · Taxable Value
Keep studying
Homestead Exemptions and Property-Tax Math
References: Florida Department of Revenue: the property tax system
Pronunciation (US): mil (capitals show stress)
Pronunciation reference: Merriam-Webster
Comments
0 comments
Article is closed for comments.