Quote:
Originally Posted by MrChip72
Mill rates aren't usually equal. For example, in prime waterfront properties the mill rate will usually be 2x what a similar sized non-waterfront property "across the street" in the same area will be regardless of property value which could lead to the waterfront one paying 5x the yearly taxes when you factor in the higher value.
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So then you are saying the mill rates compensate for the market value of various categories of houses? You are right I am not sure how mill rates are determined. How does assessment relate to present market value then?