Property Tax

Property Tax is tax levied against real or personal property.

 

Property tax is usually quoted as so many dollars per $100 of assessed valuation or so many mills (.001 of a dollar) per dollar of valuation.

 

25 mills is $.025 per $1 of valuation.  This can also be quoted as $25/$1,000 or $25 per $1,000 of valuation.

 

Property tax is calculated by multiplying the tax rate by the assessed value.  For example, if a house has an assessed value of $50,000 then the tax at 25 mills is:  $50,000 x .025 = $1,350.

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