mil rate

Intermediate 🏠 Real Estate

Definition

Property tax rate expressed in mills, where one mill equals one-tenth of one cent ($0.001). Because saying 'point zero zero one dollars' is apparently too straightforward for local governments.

Example Usage

With a mil rate of 25 mills, the annual tax on their $200,000 assessed value home was $5,000 (25 x $200).

Origin

From Latin 'millesimum' meaning 'thousandth,' adopted in American property taxation

Fun Fact

Despite being mathematically identical to percentage points, municipalities cling to mills because smaller numbers sound less scary to taxpayers.

Source: Municipal property tax assessment standards

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