#mill-rate-calculator {
font-family: Arial, sans-serif;
border: 1px solid #ccc;
padding: 20px;
border-radius: 8px;
max-width: 500px;
margin: 20px auto;
background-color: #f9f9f9;
}
#mill-rate-calculator h2 {
text-align: center;
color: #333;
margin-bottom: 20px;
}
.form-group {
margin-bottom: 15px;
}
.form-group label {
display: block;
margin-bottom: 5px;
font-weight: bold;
color: #555;
}
.form-group input[type="number"],
.form-group input[type="text"] {
width: calc(100% – 22px);
padding: 10px;
border: 1px solid #ddd;
border-radius: 4px;
box-sizing: border-box;
}
button {
display: block;
width: 100%;
padding: 12px;
background-color: #007bff;
color: white;
border: none;
border-radius: 4px;
font-size: 16px;
cursor: pointer;
transition: background-color 0.3s ease;
}
button:hover {
background-color: #0056b3;
}
#result {
margin-top: 20px;
padding: 15px;
background-color: #e9ecef;
border: 1px solid #ced4da;
border-radius: 4px;
text-align: center;
font-size: 1.1em;
font-weight: bold;
color: #495057;
}
Understanding Mill Rate
The mill rate is a crucial component in calculating property taxes. A "mill" represents one-thousandth of a dollar, or $1 of tax for every $1,000 of assessed property value. In simpler terms, it's a tax rate expressed in mills. The mill rate is determined by dividing the total amount of money a taxing jurisdiction (like a municipality or school district) needs to raise from property taxes by the total assessed value of all taxable property within that jurisdiction.
How it's Calculated:
The basic formula to determine the mill rate is:
Mill Rate = (Total Budget / Total Taxable Assessed Value) * 1000
Once the mill rate is established, it is applied to the assessed value of an individual property to determine the property tax owed.
Calculating Individual Property Tax:
Property Tax = (Assessed Property Value / 1000) * Mill Rate
OR
Property Tax = Assessed Property Value * (Mill Rate / 1000)
Example Scenario:
Let's say a municipality needs to raise $15,000,000 (Total Budget) and the total assessed value of all taxable properties in the jurisdiction is $500,000,000 (Total Taxable Assessed Value).
First, calculate the mill rate:
Mill Rate = ($15,000,000 / $500,000,000) * 1000 = 0.03 * 1000 = 30 mills
This means the tax rate is 30 mills. If your property is assessed at $250,000 (Assessed Property Value), your property tax would be:
Property Tax = ($250,000 / 1000) * 30 = 250 * 30 = $7,500
This calculator helps you quickly determine the mill rate based on the jurisdiction's budget and total taxable value.
function calculateMillRate() {
var assessedValue = parseFloat(document.getElementById("assessedValue").value);
var totalBudget = parseFloat(document.getElementById("totalBudget").value);
var taxableValue = parseFloat(document.getElementById("taxableValue").value);
var resultDiv = document.getElementById("result");
if (isNaN(assessedValue) || isNaN(totalBudget) || isNaN(taxableValue)) {
resultDiv.innerHTML = "Please enter valid numbers for all fields.";
return;
}
if (taxableValue <= 0) {
resultDiv.innerHTML = "Total taxable value must be greater than zero.";
return;
}
var millRate = (totalBudget / taxableValue) * 1000;
// Calculate individual property tax using the determined mill rate
var propertyTax = (assessedValue / 1000) * millRate;
resultDiv.innerHTML = "Mill Rate: " + millRate.toFixed(2) + " millsEstimated Property Tax: $" + propertyTax.toFixed(2);
}