What Is Millage Rate?
A millage rate is the property tax rate a local government charges, expressed as dollars owed per $1,000 of a property's assessed value.
Formula
Annual Property Tax = Assessed Value × (Millage Rate ÷ 1,000)
Example
A property assessed at $300,000 in a district with a 25 mill rate owes $7,500 in annual property tax.
Why It Matters
Millage rates vary significantly between neighboring municipalities and school districts, so two similarly priced homes can have very different tax bills.