Define: Millage

Millage is a property tax rate that is used to calculate the amount of property tax owed on a property.

Millage is calculated by dividing the total amount of property tax revenue needed by the total taxable value of all properties in a given area.

The millage rate is set by local government entities, such as city councils or county commissions.

Yes, the millage rate can change from year to year based on the needs of the local government and the taxable value of properties in the area.

The higher the millage rate, the higher the property taxes will be for a given property.

In some cases, property owners may be able to appeal their property’s millage rate if they believe it is too high or unfair.

If you don’t pay your property taxes, you may face penalties and interest charges, and the government may place a lien on your property.

Yes, property taxes are generally deductible on federal income tax returns.

Some states and local governments offer exemptions or discounts for certain types of properties, such as homesteads or properties owned by veterans.

You can contact your local government’s tax assessor’s office or visit their website to find out more information about your property’s millage rate and property taxes.