A mill is one-thousandth of one dollar. Just as you would write
$1.00 for one dollar; and $.10 for a dime, or one-tenth of a dollar;
or $.01 for a penny, or one-hundredth of a dollar; you would write
.001, or one-thousandth of a dollar, for one (1) mill. When you hear
the expression 54.5 mills, that is the same thing as the factor .0545.
Millage rates change annually. Local taxing authorities must adjust
millage rates to support the operations of government. However,
inflation or increased operating costs are not the only factors driving
changes in millage rates at the local level. For example, a local taxing district may need additional tax revenue to pay for a bond issue.
These rates are set by the governing authorities of the respective taxing
districts in September for the next fiscal year beginning October 1st.