noun
mill
A monetary unit equal to one thousandth of a dollar.
A one-mill tax costs $1 for every $1,000 of assessed value.
Etymology
The Latin number thousand supplies the name. A mill is one of a thousand equal parts of a dollar, a unit often used when expressing tax rates.
More examples
- Ten mills equal one cent.
- The county raises its property tax rate by two mills.
- At twenty mills, the tax on $100,000 of assessed value is $2,000.
Forms
mill · mills
millage noun — A tax rate expressed in mills.