August 13, 2009.  It is a unit of measurement used to levy taxes against property.  Local tax rates against property are always computed in mills.

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Presentation transcript:

August 13, 2009

 It is a unit of measurement used to levy taxes against property.  Local tax rates against property are always computed in mills.

 A mill is 1/10 of one penny.

 One mill produces $1.00 in tax income for every $1,000 of assessed value of property it is levied against.  One mill produces $1,000 in tax income for every $1 million of assessed value of property it is levied against.

 For example, if the total property assessed valuation for tax purposes in your school district was $50 million and the district had an effective tax rate of 30 mills, the income produced would be $1,500,000 per year.