SOLUTION: Hi there, Just wondering if there is a standard formula to use when working with mill rates and house/property taxes. I.e. what would I use to find the mill rate if one's taxes

Question 398253: Hi there,
Just wondering if there is a standard formula to use when working with mill rates and house/property taxes. I.e. what would I use to find the mill rate if one's taxes will be raised by $360,000, and the total assessed property value is $7,200,000?
Thanks,
Katelin
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
what would I use to find the mill rate if one's taxes will be raised by $360,000, and the total assessed property value is $7,200,000?
-------------
3.6E5/7.2E6 = 0.05 = 5%
Millage is 0.1% points
5% = millage of 50
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