Mill rate is also known as the millage rate. The term "millage" is derived from a Latin word millesimum, meaning thousandth, with 1 mill being equal to 1/1000th of a currency unit.
Property taxes are calculated by multiplying the assessed, taxable property value by the mill rate and then dividing that sum by 1,000. 
Government entities set mill rates based on the total value of property within their jurisdiction, to provide the necessary tax revenue to cover projected expenses-roads, schools, emergency services, and so on-in their annual budgets. As used in property tax, 1 mill is equal to $1 in property tax levied per $1,000 of a property's assessed value. 
Mill is derived from the Latin word millesimum, meaning thousandth.Mill rate is a tax rate-the amount of tax payable per dollar of the assessed value of a property.
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