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August 22, 2008, Newsletter Issue #172: Millage
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Tip of the Week
Millage is a term widely used by the Miami Dade tax collector. A "Mill," the route of the word, represents one thousandth of a dollar. "Millage Rates" refer to tax rates based on mills per dollar per the value of the property.
Published millage rates always indicate the tax rate for the previous year and can be used to estimate future tax payments, but never to definitely predict them in the future. Tax rates can change significantly year over year depending on exemptions that have been removed or a change in the market value of the home.
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