What is Millage Rate?
Each local government (county, city, school system) uses a millage rate to help fund the needs of their specific organization.
Here’s a simple way to think about it:
Millage Rate Basics:
The millage rate is the tax rate used to calculate the amount of property tax you will owe.
In Bryan county, the tax is based on 40% of your property’s fair market value (the value of your property determined by tax assessor's office, by state law)
How It Works:
First, the tax assessor determines your property’s fair market value, based on state law.
Then, they take 40% of that value. This part is called the assessed value, and it’s the amount to which the the millage rate is applied.
What is a "Mill"?
A mill is a number that equals $1 of tax for every $1,000 of the assessed value of your property.
So, if the millage rate is 15 mills, you would pay $15 in taxes for every $1,000 of your property’s assessed value.