What is the overall tax rate expressed in mills?

The overall tax rate expressed in mills refers to the amount of tax per $1,000 of assessed value, where one mill represents one-tenth of one cent. Therefore, if the overall tax rate is identified as 9.2 mills, this means that for every $1,000 of assessed property value, the owner would pay $9.20 in taxes.

This rate is crucial for property owners and potential buyers as it directly affects the cost of ownership and can play a significant role in budgeting for home expenses. Knowing how to interpret mills helps stakeholders in real estate understand their tax obligations in relation to the assessment of their properties, impacting decisions for investment and property management.

Understanding properties measured in mills allows homeowners and investors to better calculate and anticipate their tax liabilities, thereby influencing purchasing decisions, property values, and investment strategies. It is important to note that rates can vary significantly by jurisdiction, reflecting local government funding needs and policy decisions.