Understanding the Mill Rate

Despite the radical advances that have been made in technology, general business practice, and virtually every other arena of life, the conveyance of real estate remains steeped in many antique practices and terms. One such term is the mill (short for millage) rate. The mill rate determines the amount of tax that a property owner must pay each year, based upon the assessed value of a house, other structure, or land. Because mill rates are handled locally, there can be significant variations in property taxes from one city to the next for properties that have comparable value assessments.

It is important to understand the concept of the mill rate and how it might affect your potential home purchase. In extreme cases, a city’s taxation might erase the benefits of buying a home that may have initially seemed like a bargain. For all of your Texas mortgage loan needs, contact the experienced professionals at www.texasmortgagerefinanceloans.com through the form on the left.

Mill Rates on Median Prices

There are many different mill rate taxes that you may have to pay, depending upon your property’s location. Here are examples of the taxes that you may encounter living in Austin, TX:

• Median Home Price -- $223,400
• Mill rate for Austin Independent School District – 12.02 ($2,685.27)
• Mill rate for Austin Community College – 0.954 ($213.12)
• Mill rate for Travis County – 4.122 ($920.85)
• Taxes for these districts: $3,819.24

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