Enter the mill rate into the calculator to determine the percentage. This calculator can also evaluate any of the variables given the others are known.
Mill Rate To Percentage Formula
The following formula is used to calculate the mill rate to percentage.
Percentage = Mill Rate / 10
Variables:
- Percentage is the equivalent percentage of the mill rate (%)
- Mill Rate is the tax rate levied per $1,000 of property value (mills)
To calculate the percentage from a mill rate, simply divide the mill rate by 10. This is because 1 mill is equivalent to 0.1% or 1/10 of a percent.
What is a Mill Rate To Percentage?
A mill rate, also known as millage rate, is a tax rate used to calculate property taxes in many areas. It is expressed in mills, where one mill is equal to one-tenth of a cent or $1 per $1,000 of property value. To convert a mill rate to a percentage, you simply divide the mill rate by 10. For example, if the mill rate is 20, the equivalent tax rate would be 2 percent.
