How to Calculate Property Tax Liability - Tax Foundation
For example, in the Connecticut chart, the mill rate for Andover is 27.30. This equals, 27.3 out of 1,000, or 2.73 out of 100-that is, 2.73%. In our quiz question, the nominal rate of 14.5 mills equals 1.45%. 2. Multiply the nominal property tax rate by the assessment ratio, which is the percentage of the value of the property that is subject to tax. In some areas, 100% of the value is taxed, so this step isMill Rate - Investopedia,Mill rate is also known as the millage rate. The term "millage" is derived from a Latin word "millesimum" meaning "thousandth," with 1 mill being equal to 1/1,000th of a currency unit.How to Convert a Mill Rate to Taxes | Finance - Zacks,Step 1. Divide the mill rate by 1,000 to convert it to a decimal. For example, if the mill rate is 20, divide 20 by 1,000 to get 0.02. Step 2. Convert the assessment ratio to a decimal.