Calculated on a 365-day method, what is the daily tax rate for a property with a millage of 24 mills?

To determine the daily tax rate for a property using the 365-day method with a millage of 24 mills, it is important to understand the concepts involved.

A "mill" represents one-thousandth of a dollar, or $0.001. Therefore, a millage rate of 24 mills translates to a tax of $24 per $1,000 of assessed property value. To establish the daily tax rate, you first need to calculate the annual tax from this millage rate and then divide that amount by the number of days in the year (365).

The formula to find the annual tax rate is:

• Calculate the annual tax: ( \text{Annual Tax} = \frac{\text{Millage rate}}{1000} \times \text{Assessed Value} )

For a property value of $1,000:

• Annual Tax = ( \frac{24}{1000} \times 1000 = 24 )

Next, to find the daily tax rate, you would divide the annual tax by 365:

• Daily Tax Rate = ( \frac{24}{365} \approx 0.0658 )

To find the daily tax rate for property values other than $1