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The mill levy is the tax rate that is applied to the assessed value of a property. One mill is one dollar per $1000 dollars of assessed value.
Mill levies that are set by a taxing entity (i.e. cities, counties, school districts, etc.) are used to calculate property taxes. To figure property taxes, you must calculate the property assessed value by multiplying the state assessment rate (see table below) by the appraised value of the property. Then you will multiply the assessed value by the mill levy and divide by 1000.
Market Value of Residential Home $120,000
Residential Assessment Rate x.115
Assessed Value $ 13,800
Mill Levy (City of Great Bend) x53.857
Per $1000 /1000
Amount of Taxes $ 743.23
Commercial / Industrial
Residence of Farm Home Site
All Other Rural & Urban Properties