Convert mill rate to percentage or back, then estimate property tax from market value, assessment ratio, and exemptions with taxable-value detail and tax-per-100,000 comparison.
Mill Rate To Percentage Formula
The following formula is used to calculate the mill rate to percentage.
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.
| Mill Rate (mills) | Percentage (%) |
|---|---|
| 0.5 | 0.05 |
| 1 | 0.10 |
| 1.5 | 0.15 |
| 2 | 0.20 |
| 2.5 | 0.25 |
| 3 | 0.30 |
| 3.5 | 0.35 |
| 4 | 0.40 |
| 5 | 0.50 |
| 7.5 | 0.75 |
| 10 | 1.00 |
| 12.5 | 1.25 |
| 15 | 1.50 |
| 17.5 | 1.75 |
| 20 | 2.00 |
| 25 | 2.50 |
| 30 | 3.00 |
| 50 | 5.00 |
| 75 | 7.50 |
| 100 | 10.00 |
| *Formula: Percentage = Mill Rate ÷ 10. Conversely, Mill Rate = Percentage × 10. | |
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.
