Definition, Meaning & Synonyms
millage
Noun
/ˈmɪlɪdʒ/
Definition
A rate used to calculate the amount of taxes owed based on property value.
Examples
- The school district set a millage of 15 mills for the upcoming tax year.
- Homeowners should check the millage rate to understand their tax obligations.
Meaning
Millage represents the tax rate expressed in mills, where one mill is equal to one-tenth of a cent. It is often used in the context of property taxes to determine how much tax will be assessed on a property based on its valuation.
Synonyms
- Tax rate
- Levy rate
