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A mill levy is a property tax rate. In general, a mill is one one-thousandth of a dollar. In terms of a mill levy, one mill is one dollar for each one-thousand dollars of the assessed value of a property. In other words, a mill is equal to $1.00 of tax for each $1,000 of assessment. To calculate the property tax multiply the assessment of the property by the mill rate and then divide by 1,000. For example, a property with an assessed value of $50,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of $1,000.00 per year *.
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