West Mayfield residents will pay more Blackhawk school taxes in the 2013-2014 school year. Blackhawk School Board recently approved its $31.9 million general budget, increasing taxes by 1.2 mills–the biggest tax increase allowed by law.
Generally, at this new rate residents with properties assessed at $50,000 can expect their tax bill to increase by $60.
Last year, Blackhawk officials approved a $31.3 million budget and a 1.8 mill tax increase.
“Millage” is based on a Latin word that means “thousandth.” So 1 mill is equivalent to 1/1000th. Applied to taxes, that means 1 mill is equivalent to $1 in taxes per $1,000 in taxable value. If your property has a taxable value of $100,000, and you’re assessed a 1 mill tax rate, you’ll pay $100 in taxes (i.e., .001 x 100,000 = 100).
Another way to figure your actual tax bill based on the millage rate is to take that rate, multiply it by the taxable value of your property, then divide the result by 1,000.