3 ms·
"Mil rate" the number of thousandths of the property value assessed in tax each year. i.e. 20 mils = 2% of the annual property value is taxed. The actual proper
by jowiar 11y ago
"Mil rate" the number of thousandths of the property value assessed in tax each year. i.e. 20 mils = 2% of the annual property value is taxed. The actual property tax owed is rate x assessments.
https://en.m.wikipedia.org/wiki/Property_tax https://en.m.wikipedia.org/wiki/Property_tax
- tostitos1979 11y agoCool. That makes sense. Is there a reason they use 1000? Just convenience/convention? Also .. my question about prop 13 stands. Curious why increasing home values would cause an issue if municipal spending stays constant?
- wtbob 11y ago> Is there a reason they use 1000? Just convenience/convention? Because the mill(e) is the smallest unit of currency in the United States.