Millage Rate
The property tax rate expressed in mills, where one mill equals 1 dollar of tax per 1,000 dollars of taxable value.
A millage rate states property tax in mills. One mill is one dollar of tax for every 1,000 dollars of taxable value. To find annual tax, multiply the taxable value by the millage rate and divide by 1,000.
Taxable value is the assessed value minus any exemptions, such as the homestead exemption. Apply exemptions before multiplying by the millage rate.
On the exam
Worked example
Taxable value 260,000 times a 20-mill rate divided by 1,000 equals 5,200 dollars.
Exam trap
Tested in
Taxes Affecting Real Estate (3% of the exam)
From definition to recall
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This definition is Florida real estate exam-prep education, not legal, tax, or professional advice. Verify current rules against the official source before relying on them for a real transaction. Back to the full glossary.