Millage Rate - The millage rate, often called the mill rate, is a measure of the tax rate applied to real estate. Property tax rates are expressed in mills. A mill is one-tenth of a cent($0.001) or one-thousandth of a dollar. For example, a tax rate of one (1) mill raises $1 per $1,000 of taxable value.

Taxable Value - The value used to calculate your property taxes. A property’s taxable value can only increase annually by the rate of inflation or 5%, whichever is less, unless there is an addition to the property (i.e., physical improvement or omitted property) or the property’s ownership transferred during a previous tax year. The taxable value can be found on the Assessment Notice provided by the local taxing jurisdiction, or contacting your local assessor’s office.