What is a mill levy?

A mill levy is a type of property tax used in Oregon. It is based on the assessed value of the property being taxed. It is calculated by multiplying the taxable value of the property by the mill rate, which is expressed as a number of mills per dollar of assessed value. For example, if a property is assessed at $100,000 and the mill rate is 20 mills, the property would be taxed $2,000. The mill levy is the total amount of taxes paid on the property, divided by the total assessed value of the property. In Oregon, the mill levy is also referred to as the ad valorem tax and is used to fund services such as education, libraries, emergency services, and roads. Property tax revenue is used to pay for local government services, as well as to provide funding for schools and other public programs. The amount of taxes paid is based on the value of the property and the mill rate set by the local government.

Related FAQs

What is a tax assessment?
What is an exemption from property taxes?
What happens if I don’t pay my property taxes?
How do I calculate the property tax increase on a new assessment?
How does a property tax assessment work?
How do homestead exemptions work?
What is the impact of property taxes on my home’s value?
What are the impacts of tax abatements on property taxes?
What is the difference between a property tax lien and a tax deed?
What is a property tax rebate?

What is a mill levy?

Related FAQs

Related Blog Posts