Lomond - Municipal Mill Rate

The 2019 non-residential municipal mill rate in Lomond was 22.9%, increasing 5.42% from 21.7 in 2018. The residential/farmland segment had the largest increase over last year, increasing 9.51% to 9.83.

Definition: The Mill rate is the amount of tax payable per dollar of the assessed value of a property. The mill rate is based on "mills"; as each mill is one-thousandth of a currency unit, one mill is equivalent to one-tenth of a cent or $0.001. Property tax in dollar terms is calculated by multiplying the assessed property value and the mill rate and dividing by 1,000. As a property may be subject to tax by a number of different authorities, mill rates are set by each taxing authority so as to meet the revenue projections in their budgets.