Millage is a tax rate that is expressed as the number of dollars assessed for every $1,000 of a property’s value. One mill is equal to one dollar per $1,000 of assessed value.
The millage rate is set by the taxing jurisdiction, such as a county, school district, or municipality. The millage rate for a property can be found on the property deed or by contacting the municipal tax office.
The formula for calculating property tax using millage is:
Formula
Property tax owed
Taxable value ÷ 1,000 × millage rate
For example, if a homeowner’s property is valued at $350,000 in an area where the tax-assessed value is 20% of the market value, their tax base is $70,000. If the homeowner’s millage rate is 80 mills, their total property tax due is $5,600.
Taxes just went up to $4,500 per year (since I’m a resident and the state of Montana has a R House, Senate & Gov. we receive a $675.00 refund for being MT residents).
Our property tax rate comes in right at 1/3 of 1% of actual value or 1/2 of 1% assessed value...
In your scenario the property tax rate is 1.6% - ouch!