Mill rate is the amount of tax payable per dollar of the assessed value of a property. Mill rates are set by budget committees to meet revenue projections listed in their budget. Property assessments can have an impact on the mill rate.
As property assessment figures accurately demonstrate a decrease in property values less money in tax revenue is generated. The budget committee must add a money proportion to bring in adequate funds to meet the existing budget requirements. The mill rate will need to increase to make up for the lower property values and enable full funding of the City budget.
The Wisconsin Dells area benefiting from an increase in the assessed value of property expects a lowering of the listed mill rate. This can give property owners a sense of how they contribute to community services such as the school district. Wisconsin Credit Repair Nerds believes individuals benefit from understanding the inter-dependence of the over all economy.
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