what is mill rate? and it is depend upon what ?

Answer 1

One L. Mil rate. It's the tax rate per thousand, of value of your property, for property and school taxes.

Answer 2

Not difficult. A mill rate is the amount of tax assessed on your property per thousand dollars of assessed valuation.

The mill rate is normally generated by the municipalities revenue needs for the coming fiscal year. The TOTAL assessment valuation for all properties in the town is combined, the needed revenues determined, and then the mill rate calculated to derive from property taxes the amount needed.