How is a property tax often expressed in terms of mills?

A property tax is commonly expressed in mills, which represent a specific amount per $1,000 of assessed property value. The term "mill" derives from the Latin word for "thousand" and is a convenient way to convert the tax rate into a monetary amount based on a property's assessed value. For example, if a municipality imposes a tax rate of 10 mills, this means that a property owner would pay $10 in taxes for every $1,000 of assessed value of their property.

This format is particularly helpful for property owners, as it simplifies the calculation of taxes based on the total assessed value of their property. Being expressed per $1,000 makes it straightforward to apply the rate to any property's assessed value, enabling easy determination of tax liabilities.

Understanding this concept is essential for architects and other professionals in the field, as property tax impacts land use decisions, development feasibility, and ultimately, project budgets.