A mil for tax purposes is equal to what?

A mil for tax purposes is defined as a tax rate of one-tenth of a cent, or 0.001. This unit of measurement is commonly used in property taxation to calculate the amount of tax owed on real estate. For instance, if a property is assessed at a value of $100,000 and the mil rate is 20, the property tax would be calculated as follows: 20 mils translates to $20 per $1,000 of property value, so in this case, the resulting property tax owed would be $200.

The other values provided do not represent a mil. For example, 0.01 would represent one cent, which is not applicable in this context, as a mil is much smaller. Similarly, 0.1 corresponds to ten cents and is again larger than the defined value of a mil. The value of 0.0001 represents one ten-thousandth, which does not align with the definition of a mil either. Hence, 0.001 is the correct measure for a mil, reflecting its use in the assessment and calculation of property taxes.