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LSDefine

Simple English definitions for legal terms

mill rate

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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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Dkk
13:29
I'm at your mommas house rn: https://x.com/Mansavelli_/status/1648073454665572352
triplethread
13:29
im addicted to reacting to all of the decisions
triplethread
13:29
with the emojis
HopefullyInLawSchool
13:29
I shop at Joe
HopefullyInLawSchool
13:29
Joe's
glovediedthisishismom
13:30
i shop at tawget
glovediedthisishismom
13:30
im dawk gawthic maga
triplethread
13:30
i shop at giant eagle
ForDizzyDJoy
13:31
How did i miss Fordham and American’s wave and I applied in september 🙃
13:33
Lol UC Davis took me of ED and put me in RD
13:34
surprised I didnt get straight denied
HopefullyInLawSchool
13:34
they emailed you/
HopefullyInLawSchool
13:34
?
13:35
@HopefullyInLawSchool: Yea, I just got it
i just want a cornell ii :(
13:37
yak you will be fucking shit up at cornell this time next year dw
i love u
13:38
love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
13:53
bodyadaya
13:53
let it rock
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