What is a mill levy?

A mill levy is a form of taxation used to help fund public services in the state of Virginia. A mill levy is the amount of money that the government requires to be collected from property owners in exchange for the right to use their property. A mill refers to one-tenth of a cent of a dollar, so a mill levy is essentially a tax rate of one-tenth of a cent per dollar. The mill levy is calculated by multiplying the assessed value of the property by the mill levy rate. The assessed value of the property is determined by the state in order to be fair and equitable when it comes to taxation. The mill levy rate is established by local governments, who collect the funds to pay for public services. The mill levy rate in the state of Virginia varies from locality to locality. The mill levy rate in some counties may be as low as one mill, while others may have rates as high as ten mills or higher. The mill levy rate in a particular locality is determined by the local government and can be used to fund local services, such as schools, public safety, and infrastructure. Overall, the mill levy is an important source of revenue for governments in the state of Virginia. This type of taxation can provide locally-generated revenue that can be used to fund vital services that support the citizens of the state.

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What is a mill levy?

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