how to calculate property tax with millage rate

[McFelicity]

To calculate property tax using the millage rate, first determine your property’s assessed value. The millage rate is expressed in mills, where one mill equals $1 of tax per $1,000 of assessed value. Multiply the assessed value by the millage rate and then divide by 1,000. For example, a $200,000 property with a 25-mill rate results in $200,000 × 25 ÷ 1,000 = $5,000 in property taxes.