Mill: one thousandth, mill means $1 of taxes for every $1,000 of assessed value and is the tax rate or mill levy. For example, 25 mills is equal to $25 for every $1,000 of assessed value.
To calculate property tax, multiply the assessed value of the property by the mill rate and then divide by 1,000. For example, a property with an assessed value of $50,000 with a mill rate of 76 would have a property tax bill of $3,800 per year.
50,000 x 76= $3,800,000 / 1,000 = $3,800
Taxing entities determine the mill levies, based on their budget requests to the County Commissioners and are set every year on the 1st Monday in August.