One mill costs how much money per $100,000 of assessed home value?
Residential property is assessed at a rate of 11.5% of Fair Market Value. A $100,000 home is assessed at $11,500 ($100,000 x .115). One mill would cost the owner of a $100,000 home $11.50 per year. One mill would cost the owner of a $200,000 home $23.00 per year. One mill would cost the owner of a $300,000 home $34.50 per year. One mill would cost the owner of a $400,000 home $46.00 per year.
