Definition
The property tax rate expressed in dollars per thousand dollars of assessed value.
Example
A millage rate of 21.4 mills equals 2.14% of taxable value.
Related terms
- Adjusted Basis
- Assessed Value
- Cost Segregation
- Depreciation
- Depreciation Recapture
- Exchange Accommodation Titleholder
Frequently asked questions
What does Millage Rate mean in real estate?
The property tax rate expressed in dollars per thousand dollars of assessed value.
How is Millage Rate used in practice?
A millage rate of 21.4 mills equals 2.14% of taxable value.
This definition is provided for educational purposes. Legal and tax terminology can carry jurisdiction-specific meaning — confirm with a licensed professional before relying on it in a transaction.