What is a Mill Levy?

The mill levy for each tax area represents the number of dollars of property taxes levied for each one-thousand dollars of assessed value. For example, in tax area with a mill levy of 75.278 mills, a residential property owner pays approximately $75.27 for every $1,000 in assessed value. An assessed value of $7,150 (actual value $100,000 X residential assessment ratio of 7.15%, rounded to the nearest 10) would result in property taxes of approximately $538.24 (7,150 x .075278, rounded to the nearest penny).

What does all of this mean to you as a resident of Dacono? We will break down Dacono vs. Frederick vs. Firestone in regards to the Mill Levy.