What is a mill levy?

A mill levy is an important element of property tax law in California. It is a way for local governments to raise money to fund important public services, such as schools and roads. The mill levy is the amount of tax that is levied for every $1,000 of assessed value of a property. For example, if a property is assessed at $100,000, and the local mill levy is set at 10 mills, the taxpayer would owe $1,000 in property taxes. The mill levy is set by the local governments and is usually calculated by taking the amount of revenue that is needed and dividing it by the total assessed value of all property within the jurisdiction. Local governments usually vote on the mill levy every year and can raise or lower the rate to meet the financial needs of their communities.

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What is a mill levy?

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