2007-06-10 05:32:05 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
The millage determines the amount of property tax you'll pay. Each mill means you'll pay $1 in tax for each $1000 of assessed value.
The responder who said that typically the assessment is 50% of the actual value is not correct. That's the case in some places, but far from all, so don't go by his formula for calculation. Find out what YOUR assessed value is.
2007-06-11 10:51:20 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
The millage rates the amount of tax per $1,000 of the Taxable value of the house. This is typically only 50% of the market value of the house.
For example, if you have a $200,000 house and the millage rate is 25%, then you can expect to pay $2,500 in taxes.
200,000 X .5 = 100,000
100,000 X .25 / 1,000 = 2,500
2007-06-10 05:41:43 · answer #2 · answered by Motown Robert 2 · 0⤊ 0⤋