What is a mill levy?

A mill levy is a form of property tax in the state of Florida. It is the amount of money that is levied in taxes on each $1,000 of a property’s taxable value. The amount of the mill levy is set by the local authorities, such as the county, city, or school district. The amount of the mill levy can vary widely, depending on what type of property it is levied on. For instance, the mill levy for residential property might be much lower than the mill levy for commercial property. The mill levy works by multiplying the taxable value of the property by the number of mills, which are expressed as a decimal. For example, if the taxable value of a property is $100,000 and the mill levy is 0.5, the property tax would be $500 ($100,000 x 0.5 = $500). The mill levy is an important part of Florida’s property tax system, providing local governments with the money they need for services such as education and law enforcement. It is important to understand how the mill levy works in order to make sure that you are paying the correct amount of property taxes in Florida.

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What is a mill levy?

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