Our local school in our small town has went bankrupt. They have proposed a 12 mill increase to save the school, but I really have no idea what a millage increase is other than some sort of tax.
If the school closes then our children will be bussed for a long way to a large town, which may require us to pay even more taxes than what has been proposed to save our own school.
Need some help figuring this one out.
2007-07-09 17:27:59 · 2 answers · asked by evo741hpr3 6 in Business & Finance ➔ Taxes ➔ United States
"Millage rate" is just how property tax rates are expressed in some jurisdictions.
12 mills = $12 per $1,000 in taxable value. If your home's taxable value is $100,000 that represents a $1,200 annual tax increase.
Keep in mind that in many jurisdictions the taxable value is expressed as a fraction of the assessed value. If your assessed value is $100,000 and the taxable value is set at 28% of assessed, the taxable value would be $28,000 and the increase would then be $336 with a 12 mill increase.
The poster below is incorrect. A mill is 1/1000 of a DOLLAR, not 1/1000 of a penny. A mill is therefor 1/10 of a penny as my examples correctly indicate.
2007-07-09 17:40:45 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
a mill is 1/1000 of a penny, on a hundred thousand dollar home it would raise you taxes about $120.00 not a huge increase in your taxes to save your school, but an increase none the less.
2007-07-10 00:42:10 · answer #2 · answered by danielss429 4 · 0⤊ 4⤋