Mill
| Author | Jeffrey Lehman, Shirelle Phelps |
Page 67
One-tenth of one cent: $0.001. A mill rate is used by many localities to compute property taxes. For example, some states levy a one-time nonrecurring
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tax of two mills per dollar (0.2%) on the fair market value of all notes, bonds, and other obligations for payment of money that are secured by mortgage, deed of trust, or other lien on real property in lieu of all other taxes on such property.
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