Assessed valuation refers to the dollar value assigned to a property by a municipality for the purpose of assessing property taxes. The property tax is calculated based on the number of mills per dollar of assessed valuation.
MIL, often expressed as MILL, represents one-tenth of a cent. The term is primarily used in expressing tax rates on a per-dollar basis. For example, a tax rate of 60 mills implies that taxes are 6 cents per dollar of assessed valuation.
Taxable value refers to the assessed value of a property or other asset, which is used to determine the amount of a tax liability. It's often a percentage of the property's market value and is used by tax authorities to calculate the proper amount of tax due.
