Mill Rate (Tax Rate)

The mill rate is the number that turns your home's assessed value into a tax bill. One mill equals one dollar of tax for every 1,000 dollars of assessed value. So a mill rate of 15 on a home assessed at 400,000 dollars produces a property tax of 6,000 dollars per year (400 times 15). Each city and town sets its own mill rate annually to cover its budget, and some set separate rates for residential, commercial, and tangible property. A higher mill rate does not always mean higher taxes, because it depends on how the town assesses value too. Confirm the current rate with the local assessor, since it can be reset every year.