What is a mill?

A mill is a Real Estate tax rate. The rate is expressed as a rate per thousand, which is why it’s called “mill.” In order to calculate the Real Estate taxes for a property in the State College Borough, you use the following formula: ((Assessed Value – Homestead Exclusion)/1,000) x Millage Rate. By way of example, let us say your home has an assessed value of $250,000. Your Real Estate taxes for 2015 would be calculated as follows: ((250,000 - 25,000) /1,000) x 14.4 = $3,240. The Assessed Value is 50% of the 1995 market value. When a home is sold, or built, the County Assessment Office uses a formula to calculate the 1995 Market Value to determine the Assessed Value. The Taxable Assessed The 2020 Taxable Assessed Value was $549,881,685 making the value of 1 mill = $549,881.69.

Show All Answers

1. What is a mill?
2. Why can’t the Borough borrow money from the Parking Fund for the General Fund?
3. Why is the budgetary problem with revenue and not expenditures?
4. Is the Borough running out of money?
5. What is the difference between what Penn State University would pay in real estate taxes versus what is received in impact fees?
6. How often does the Borough replace computer equipment and vehicles?
7. Why don’t the local municipalities consolidate?
8. Does the County or School District provide any financial contributions to the Centre Region Council of Governments (COG)?
9. Has there been any movement of Penn State University to the south of College Avenue and do these properties pay Real Estate Taxes?
10. Is there a forecast for Earned Income and Net Profits Tax related to new development within the Borough?
11. When was the Business Privilege Tax (BPT) eliminated?
12. How can the Borough tax rainwater?