Millage rates are typically expressed in "mills," with each '"mil" acting as 1/1000 of $1,000 of property value, or $1 total. So, if the millage rate for a property is 7 mills, this implies that the homeowner would pay $7 in property taxes for every $1,000 worth of assessed property value. One mill by definition equals 1/1,000 of $1, or $1 of tax for every $1,000 of value. A property is typically subject to different mill rates from more than one jurisdiction, such as the county, state or local school district. Mills of tax per one dollar of assessed value — 50 mills/$1. One mill is one one-tenth of one penny, so 50 mills is $.050, which you get by dividing the number of mills, usually referred to as the mill rate or millage, by 1,000. Dollars of tax per hundred dollars of assessed value — $5/$100.