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The rate used to calculate the property tax on real property. This is calculated in increments of $1,000, with each “mill” representing 0.1% of the property’s taxed assessed value (often lower than market value). For example, if a property’s tax assessed value is $20,000,000 and has a millage rate of 20, then its property tax would equate to $400,000 ($20 for every $1,000 of value). In many jurisdictions, the millage rate is converted to a percentage (mill rate ÷ 1000) and quoted as a property tax rate for ease of calculation.