PPT Budgets and Mill Levies PowerPoint Presentation, free download from www.slideserve.com
Introduction
If you are a property owner, you might have heard the term "mill levy" being used. But what exactly is a mill levy, and how does it affect you? In this article, we will discuss everything you need to know about mill levies, from its definition to its application.
What is a Mill Levy?
In simplest terms, a mill levy is a tax rate that is applied to the assessed value of a property. It is expressed in mills, where one mill is equal to one-tenth of a cent. For example, if the mill levy is 20 mills, it means that for every $1,000 of assessed property value, you will pay $20 in taxes.
How is the Mill Levy Calculated?
The mill levy is calculated by dividing the total amount of revenue needed by the total assessed value of all properties in a specific area. For instance, if a city needs $10 million in revenue and the total assessed value of all properties in the city is $1 billion, the mill levy will be 10 mills.
How is the Mill Levy Used?
The mill levy is used to fund various services and projects in a specific area. These services include schools, roads, police and fire departments, parks, and other public amenities. The amount of revenue generated by the mill levy is determined by the budgetary needs of the local government.
Types of Mill Levies
There are two types of mill levies - general and specific. A general mill levy is used to fund the overall budget of a local government, while a specific mill levy is used for a particular purpose, such as building a new school or park.
How does the Mill Levy Affect Property Owners?
The mill levy affects property owners by determining the amount of property taxes they have to pay. If the mill levy increases, property owners will have to pay more taxes, and if it decreases, they will pay less. The mill levy also affects property values, as high mill levies can make properties less attractive to potential buyers.
Factors That Affect the Mill Levy
Several factors can affect the mill levy, including changes in property values, changes in the budgetary needs of the local government, and changes in state laws. Property owners can also influence the mill levy by participating in the budgetary process and voting on mill levy measures.
How to Calculate Property Taxes
To calculate your property taxes, you need to multiply the assessed value of your property by the mill levy rate and divide by 1,000. For example, if the assessed value of your property is $200,000 and the mill levy rate is 20 mills, your property taxes will be $4,000.
Conclusion
In summary, the mill levy is a tax rate that is applied to the assessed value of a property to fund various services and projects in a specific area. It is calculated by dividing the total revenue needed by the total assessed value of all properties in the area. The mill levy affects property owners by determining the amount of property taxes they have to pay and can be influenced by several factors, including changes in property values and state laws.
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