A monetary unit
consisting of one-tenth of one cost, a
measure used to indicated the property tax
rate, e.g. a tax rate of one mill per dollar
is the same as .001 of the assessed value.
The mill rate, is
calculated by dividing the projected annual
operating budget of a municipality by the
tax base. Assume that the total assessment
(tax base) for a municipality is $20,000,000
and the estimated expenditures (budget) for
the coming year is $1,000,000; $1,000,000
divided by $20,000,000 equals $0.05. If the
municipality charges 5-cents for each dollar
of assessment, it will gain the necessary
revenues to meet the budget.
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