Direct answer
What does Mill mean?
A property-tax rate unit equal to one dollar of tax per one thousand dollars of taxable value.
Exam cue: Convert mills to a decimal or dollars per thousand before multiplying by taxable assessed value.
What does it look like in a question?
New York example
A 20-mill rate produces $2,000 of tax on $100,000 of taxable value.
Common exam trap
What should you not confuse it with?
A mill is not one percent. Ten mills equal one percent.
Related real estate math terms
AcreA land-area unit equal to 43,560 square feet.AreaThe amount of surface within a two-dimensional boundary.Capitalization rateA rate that relates a property's net operating income to its value or price.CommissionCompensation paid for brokerage services under an agreement.PercentageA ratio expressed as a part of one hundred and written with the percent symbol.ProrationAllocation of income or expense between parties for their respective periods of ownership or responsibility.
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