A mill rate is the rate used to determine individual taxes. Specifically it is a rate per thousand dollars of assessed value. A mill rate of 10.75 would result in taxes of $10.75 on $1,000.00 of assessment. Thus a mill rate of 10.75 on $220,000.00 of assessment would be $2,365.00 in taxes. As well the overall mill rate is broken down into specific categories that when added together make up the overall mill rate for the Municipality. A mill rate for Municipal purposes, one for school support and one for seniors housing are examples.
The mill rate for the Municipality is set by Council each year through a mill rate bylaw.