Mill

A mill, in real estate and property taxation, is a unit of currency that is used to calculate property taxes. It is equal to one-thousandth of a dollar, or $0.001.

For example, if the property tax rate is 20 mills and your property is assessed at $100,000, you would calculate the property tax by multiplying the assessed value by the mill rate and then converting mills to dollars:

Since 1 mill is equal to $0.001, you convert 20 mills to dollars:

20 mills = 20 times $0.001 = $0.02

So,

$100,000 times $0.02 = $2,000

Therefore, the property tax for a property assessed at $100,000 with a tax rate of 20 mills would be $2,000.