Mill levy rate is the amount of tax payable per dollar of assessed value of a property. A mill is one one-thousandth of a dollar, in property tax terms equals $1 per $1,000 of assessed valuation. (one-tenth of one percent 0.001)
The Mill Levy tax rate is applied by taxing jurisdictions (like the City, County, school district, fire district and the State) to raise revenue to cover their budges and pay for public services. The Mill Levy Rate of each jurisdiction is multiplied by your home's assessed value to give you an estimated tax bill.
Mill Levy Formula:
Total Assessed Valuation ÷ 1,000 = Value of one mill
Assessed Valuation is the actual value on which you pay taxes. Kansas residential property is assessed at 11.5%, per Kansas Constitution (see Article 11, Section 1)Industrial and Commercial property is generally assessed at 25%
Assessed Valuation=Property Appraised Value X Assessment Rate
The County Appraiser is responsible for determining the appropriate value of property based on state guidelines.
Real property is appraised at "market value" as it exists the first day of January each tax year, except for land devoted to agricultural use, which is appraised at its "use value" not "market value".