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Property taxes are assessed to owners of most kinds of real estate and are used to help fund the local government. This tax revenue pay for services like public schools, parks, police and fire departments, infrastructure, public transportation, and recreational facilities.

Mill rates may vary depending on the type of property, including residential, commercial, and industrial properties, or agricultural land. To find information regarding a property's millage, look at property tax statements, county or municipal websites, and tax notices, or contact the local tax assessor’s office.

Let's walk through calculating property taxes using the mill rate. Doing this requires knowing the following information:

Understanding how to calculate property taxes using the mill rate empowers you as a homeowner. By multiplying your property's assessed value by the relevant mill rate, you gain insight into the taxes you pay to different authorities. This knowledge enables better financial planning and a clearer understanding of how your property taxes are determined.

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Local governments have the authority to adjust the mill rate up or down annually to meet financial needs. They may increase the mill rate to generate more revenue for essential services like education, infrastructure, or public safety, reflecting changes in budget requirements or community needs. Likewise, local governments might decrease the mill rate under various circumstances, such as when there's a surplus in revenue or property taxes have become unaffordable for many and relief is needed.

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The mill rate is a tax rate used to calculate property taxes based on the assessed value of the property. It represents the tax owed per dollar of a property's assessed value. For instance, a mill rate of 10 means $10 in tax for every $1,000 of the property's assessed value. It helps determine how much homeowners pay in taxes based on the value of their property.

In some cases, property owners may be able to take advantage of property tax exemptions that decrease the total amount they owe. Common property tax exemptions include those for senior citizens, veterans, disabled individuals, and homestead exemptions for primary residences. Other exemptions might apply for agricultural land, historical preservation, or renewable energy installations to encourage specific activities or support certain groups.

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Each taxing authority, such as the city, county, school district, or other local entities, sets its own mill rate. Different taxes and levies each have their own millage, and their sum is the multiplier used to determine how much homeowners pay in property taxes.

One of your biggest expenses as a homeowner is your property taxes. Although your mill rate, or millage, is something that you may not pay attention to, it does have a profound impact on your property taxes. If you want to calculate how much you'll owe in property tax, it's handy to know what this mill rate is and your assessed property value.

There are many things to consider when buying a house. But where do you start? Use this resource to navigate the home buying process with confidence.

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These rates are applied to the home’s tax assessed value to determine the amount of tax owed to each specific agency. Government-appointed assessors determine the assessed value and can be the same as the market value of your home but is often lower. The actual property tax amount is the sum of the taxes levied by each agency based on their mill rates.