Definition of "Mill"

Cyndi Depalermo real estate agent
Cyndi Depalermo, Real Estate Agent Red Diamond Realty

One tenth of a cent. Mills are a common term in expressing tax rates per dollar of assessed valuation. For example, a property is taxed at the rate of 80 mills. If a property were assessed at $20,000 and the tax rate was 80 mills, the tax would be $20,000*.08 cents=$1,600.

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