mill rate

Definition

The tax per dollar of assessed value of property. The rate is expressed in "mills", where one mill is one-tenth of a cent ($0.001).

Use mill rate in a sentence

I wanted to figure out the mill rate, but it was hard because there were a lot of things to consider.

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The mill rate was higher than normal for this type of property likely due to its location within the county.

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When speaking to the realtor to determine the appropriate property tax for a new home, Bill asked what the mill rate was for the house.

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mill millage rate