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LSDefine

Simple English definitions for legal terms

mill rate

Read a random definition: antidissection rule

A quick definition of mill rate:

A mill rate is a tax that is applied to real property, which is calculated based on the assessed value of the property. Each mill represents $1 of tax assessment per $1,000 of the property's assessed value. For example, if the mill rate for taxes in a county is 10 mills and a home is valued at $100,000, the owner will pay $1,000 in property taxes. Mill rate is also known as millage rate.

A more thorough explanation:

Mill rate is a tax that is applied to real property. It is calculated by dividing the amount of tax to be raised by the total assessed value of all the properties in a particular area. Each mill represents $1 of tax assessment per $1,000 of the property's assessed value.

For example, if the mill rate for taxes in a county is 10 mills and a home is valued at $100,000, the owner will pay $1,000 in property taxes. This means that for every $1,000 of the home's assessed value, the owner will pay $10 in taxes.

Another example would be if a city has a mill rate of 20 mills and a commercial property is assessed at $500,000, the owner would pay $10,000 in property taxes. This is because 20 mills represents $20 of tax assessment per $1,000 of the property's assessed value, and $20 multiplied by 500 equals $10,000.

Overall, mill rate is an important factor in determining property taxes and is used by local governments to generate revenue for public services and infrastructure.

mill privilege | mill site

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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