Definition of "Millage rate"

Paula Wommack real estate agent
Paula Wommack, Real Estate Agent Berkshire Hathaway HomeServices-PenFed

Property tax rate whereby each mill is $1 of tax assessment per $1,000 of assessed property value. For example, a house in Los Alamitos is assessed at $200,000 and the millage rate is 10 mills. The assessment for the home would be $2,000 ($200,000*.01).

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