Definitions for "Mill Levy"
Keywords:  tenth, cent, levy, multiply, assessed
The tax rate applied to the assessed value. One mill is one dollar per $1,000 dollars of assessed value. To calculate tax dollars, divide the mill levy by 1,000 and then multiply by the assessed value. The mill levy for a local governing entity is determined by dividing its budget by the taxable assessed value in its district.
See " Levy"
Number of mills (one mill equals one-tenth of a cent) that is multiplied by the value amount (assessed or adjusted) of property to determine the amount of tax to be paid by the property owner.