Mill Rate Calculator
Convert mill rates to property tax dollars. Enter your assessed value and total mill rate to see your estimated annual tax, monthly escrow amount, and a breakdown by levy type.
The Mill Rate Formula
Annual Tax = Assessed Value × (Mill Rate ÷ 1,000)
1 mill = $1 per $1,000 of assessed value
Example: Assessed value $150,000 at 30 mills = $150,000 × (30 / 1,000) = $4,500/year = $375/month
Mill Rate Inputs
The taxable assessed value from your tax bill (market value × assessment ratio − exemptions).
Your total mill rate from your tax bill (county + city + school + special districts combined).
Approximate percentage of total mills going to the county. Used to build the levy breakdown table.
Approximate percentage of total mills going to the school district. Remainder goes to other levies.
Estimated Levy Breakdown
Based on the percentage splits you entered above. Adjust splits to match your actual bill.
| Levy | Share | Mills | Annual Tax | Monthly |
|---|
Want to include your market value and assessment ratio? Use the full property tax calculator.
Frequently Asked Questions
A mill rate (millage rate) is a property tax rate expressed as the number of dollars of tax per $1,000 of assessed value. The term "mill" comes from the Latin mille, meaning thousand. One mill = $1 per $1,000 of assessed value = 0.1% of assessed value.
Divide the mill rate by 10 to convert to a percentage of assessed value. For example, 25 mills = 25 / 10 = 2.5% of assessed value. To express as a percentage of market value, you also need the assessment ratio.
Your total mill rate appears on your county property tax bill, broken down by each taxing body (county, municipality, school district, special districts). Your county assessor's or treasurer's website may also publish current mill rates.
When a lender collects your property taxes through an escrow account, they typically collect 1/12th of your estimated annual tax each month. The monthly escrow amount = Annual Tax ÷ 12. Lenders may also collect a buffer (commonly 2 extra months) to cover rate changes.
Assessed value is the value assigned by the assessor (often a percentage of market value). Taxable value is the assessed value minus any applicable exemptions (homestead, veteran, senior, etc.). The mill rate is applied to the taxable value to calculate your tax bill.