What is the value of a mill and what is millage?

Question

usnx · Accepted Answer

A mill is .001 or 1/1,000th of a dollar or put another way: A dollar is equal to 100 pennies A mill is equal to 1/10th of a penny. Millage rates are applied to five classes of property subject to taxation. These classes are:

Class 1 –

Single Family Owner Occupied

Class 2 –

All Other Real Property

Class 3 –

Business Personal Property

Class 4 –

Public Utilities

Class 5 –

Motor Vehicles