True or False: Each mill of property taxes charged generates one dollar in property tax revenue per one thousand dollars in assessed value (1/1000 = $1).
Municipalities collecting property taxes must set an annual tax or millage rate. A mill is a unit of measure equal to 1/1000th and is expressed decimally as .001. Each mill of property taxes charged generates one dollar of property tax revenue for the municipality, and conversely one dollar of tax liability for the property owner per $1,000 in assessed value of taxable property.
The Municipal Elected Officials Institute of Government offers in-person and online courses. Elected officials who complete all of the required coursework graduate from the institute and are eligible to participate in the Advanced Institute. The next in-person courses, held February 6, will be MEO Sessions A and B. The next Advanced MEO Institute sessions also on February 6 will be "Advanced Municipal Economic Development" and "Public Safety Policy and Administration."