Mill Rate Property Tax Calculator

How it is calculated

One mill is one-thousandth of a dollar, so the tax is tax = assessed value × mill rate / 1000, where assessed value is in dollars and the mill rate is dollars of tax per $1,000 of assessed value. The tool also shows the same rate as a percentage of the assessed value, rate % = mill rate / 1000 × 100, so 24.5 mills is 2.45%. The assessed value must be above zero and the mill rate must be above zero and no more than 1,000 (1,000 mills would be 100% of the value); anything else shows no result. It applies a single rate to a single value: it does not add exemptions, caps or credits, and it does not combine the separate rates that school, county, municipal and special districts may levy. If your bill has several, add them into one total mill rate before entering it. The result is annual tax on the assessed value, which can differ from the market value.

Common mistakes

• Entering the market price instead of the assessed value. Many places assess at a fraction of market value, so use the figure on the assessment notice.
• Treating the mill rate as a percentage. 24.5 mills is 2.45%, not 24.5%; typing 0.0245 would be read as 0.0245 mills and give a tiny tax.
• Using only one of the stacked rates. The school, county and municipal rates on the same bill must be added up first, otherwise the result is too low.
• Forgetting that exemptions, such as a homestead reduction, are not applied. If your assessed value already has them removed, enter that taxable figure instead.
• Entering the rate in another unit by mistake. Rates quoted as dollars per $100 are ten times a mill rate, so multiply that number by 10 to get mills.