What is a millage rate?
A millage rate is a number, sometimes referred to as a multiplier. It is the number multiplied by the value of your property to calculate your property tax bill (please note: property value is determined by Morgan County). One mill is $1 of tax on every $1,000 of taxable property value. When the city adopts its annual budget, it determines the minimum millage rate neccessary to multiply against the entire tax base (value of all taxable properties in the city) in order to generate the necessary revenue to fund the proposed budget (after other revenue sources are taken into consideration).

The millage rate for the City of Madison for 2010 was 4.794, or $4.794 per $1,000 of taxable value.

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1. What is a fiscal year?
2. What is the budget?
3. What is a millage rate?