Carolina Life Properties LLC
If you pay property taxes, you've likely encountered the term "millage rate." While the term is often used interchangeably with tax rates, there are some key differences to understand. To help you better navigate the world of property taxes, here is an overview of the basics of understanding millage rates:
Millage rate, also called mill rate, comes from the Latin word for "one thousandth." Therefore, the millage rate is based on the amount per every one thousand dollars of property value. Multiple millage rates go into calculating property tax amounts, including those from various local agencies.
For example, public school boards have their millage rates they use to determine local school taxes based on the overall value of district property values. Other examples of taxing authorities with their millage rates include emergency services, community colleges, cities and counties.
Millage rates are a key component in deciding the amount you owe on your property taxes. To calculate individual property taxes, you take the property's assessed value and multiply it by the millage rate or rates. Here is the basic formula:
Assessed value x Millage rate
For example, if the assessed value of a home equals $135,000 and the local millage rate is 7% (70/1000), the estimated property tax amount comes to $9,450.
Because this formula can include multiple different rates, it can be tricky to determine exactly how much you'll owe in property taxes. However, you can usually find an individual property's millage rate on the deed. Using this rate and your property's tax-assessed value, you'll be able to find an estimation of your annual tax responsibility.
Because it matters where you live.
At Carolina Life Properties, we are invested in finding your best-fit home, or a great buyer for your beloved home, because we recognize how important home is.
We value each person’s life and story, which is why every client gets our concerted effort and undivided attention. We take time to get to know you on a personal level, really understanding your hopes and needs so we can serve you well.
Today more than ever, your home is the center of your world, where you live out your life each day. Many people’s homes have also become their workplaces, schools, and places to share meals with friends. We understand the importance of a home that meets all your needs.
We work hard to do whatever it takes to make your real estate process as smooth and enjoyable as possible. No task is too small to ensure your needs are met.
We are energized by coming alongside you as you navigate these big decisions. You are trusting us with a big part of your life -- your home -- and we take that very seriously. It’s a privilege to partner with you.
