. What is an Ad Valorem Tax? An ad valorem tax is a tax that is based on the value of the item being taxed. The amount of the tax is typically a percentage of the value of the item. What is the effect of a decrease in an ad valorem tax? An ad valorem … Read more
The mill rate is the amount of property tax that is levied for each $1,000 of assessed value. The mill rate is calculated by dividing the total amount of taxes to be levied by the total assessed value of all property in the municipality. For example, if the total amount of taxes to be levied … Read more
A mill levy is a tax on property that is based on the value of the property. The mill levy is calculated by multiplying the assessed value of the property by the mill levy rate. The mill levy rate is expressed in mills. One mill is equal to one-tenth of one cent, or $0.001. The … Read more
