where does the mill rate come from 
the mill rate for your property is determined by who or what is taxing you that means that different mill rates are charged by different agencies which can include the township or city county school boards and emergency services districts all these individual rates are combined to calculate your final property tax bill for example once a budget is passed by your local government known revenues are subtracted which leaves the deficit to be raised through property taxes this amount is divided by the value of all property in the town which is then multiplied by 1 000 this figure represents the tax rate or the mill rate calculating property taxes using the mill rateproperty taxes are calculated by multiplying the assessed taxable property value by the mill rate and then dividing that sum by 1 000 the property tax levied on a property can be calculated as follows for example if the local mill rate is 7 this means that for every 1 000 of assessed value 7 is owed in property taxes if a taxpayer s personal residence has a taxable value of 150 000 then the property tax bill for their residence is 