Re/max Innovative Properties
If you pay property taxes, you've likely encountered the term "millage rate." While the term is often used interchangeably with tax rates, there are some key differences to understand. To help you better navigate the world of property taxes, here is an overview of the basics of understanding millage rates:
Millage rate, also called mill rate, comes from the Latin word for "one thousandth." Therefore, the millage rate is based on the amount per every one thousand dollars of property value. Multiple millage rates go into calculating property tax amounts, including those from various local agencies.
For example, public school boards have their millage rates they use to determine local school taxes based on the overall value of district property values. Other examples of taxing authorities with their millage rates include emergency services, community colleges, cities and counties.
Millage rates are a key component in deciding the amount you owe on your property taxes. To calculate individual property taxes, you take the property's assessed value and multiply it by the millage rate or rates. Here is the basic formula:
Assessed value x Millage rate
For example, if the assessed value of a home equals $135,000 and the local millage rate is 7% (70/1000), the estimated property tax amount comes to $9,450.
Because this formula can include multiple different rates, it can be tricky to determine exactly how much you'll owe in property taxes. However, you can usually find an individual property's millage rate on the deed. Using this rate and your property's tax-assessed value, you'll be able to find an estimation of your annual tax responsibility.
With over 18 years of experience, Jessica is licensed New Hampshire and Massachusetts. A proud member of the National Association of Realtors, Jessica values the highest code of ethics and standards expected of her. As a seller’s agent, she uses the most current market information to properly value the property. In addition, with her experience she is able to assist sellers on the best ways to improve homes so they can solicit the highest offers. Jessica works with a cutting edge marketing & social networking firm to obtain the maximum exposure for all of her listings. Known for her negotiating skills, she has a passion for working with buyers providing knowledge of what to expect & peace of mind throughout the process. In addition to what Jessica provides as a buyers agent, she works closely with a team of experts so it’s a “one stop shop” for all her buyers. In addition to her real estate career, Jessica is also a licensed loan originator in N.H. Combined with her expertise in both real estate, mortgages and finance, Jessica has a full understanding on the home buying and selling process. In today's real estate market it is so important for sellers and buyers to work with an agent who has great skill set and experience.
