How much will a one-mill increase cost the average taxpayer in taxes?
Someone who wishes to purpose a tax increase usually asks this question so that they can get the information out to the voting public. The public can best relate to the tax increase on a house. Choose a typical house value for your community, it may be $40,000 or $140,000 or something else. To calculate the tax take the house value you have chosen, $75,000 for example, and multiply this value by 20%, which is the assessment level. In this case it would by $15,000. Multiply the $15,000 times one mill or .001, which is $15.00. So, it can be stated that a one mill increase on a $75,000 home will cost the taxpayer an additional $15.00 a year in taxes.
