What does mill levy means?

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2026-02-13 01:05

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A mill levy is a property tax rate expressed in mills, where one mill represents one-tenth of a cent or $0.001. It is used to calculate the amount of property tax owed based on the assessed value of a property. For example, a mill levy of 10 mills means that for every $1,000 of assessed property value, the owner would pay $10 in taxes. Mill levies are commonly used to fund local services such as schools, roads, and public safety.

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