Property TaxesHomebuying Glossary
Millage Rate
Also known as Mill Rate
The tax rate applied to your property's assessed value, expressed per $1,000 of value.
In plain English
The millage rate is set by local taxing authorities and applied per $1,000 of assessed value — for example, a 20 mill rate on a $300,000 assessed home works out to $6,000 in annual property tax.
Why it matters
Comparing millage rates between towns you're considering is one of the clearest ways to estimate how property taxes will differ before you buy.
Where you'll run into it
Guides and tools on TheBuyingPath that cover millage rate in context.
Related terms
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