The term "mill rate" can be described as the amount of tax that is paid per $1,000 of assessed property value. The city and school administrators use the mill rate to calculate the amount of property tax that is required from each property to raise the revenue necessary to operate the city and schools for the current year.
The mill rate has two components, the municipal portion and the education portion.
The municipal mill rate is established by City Council once the City of Warman budget has been approved for the year. The mill rate indicates the amount of tax you will pay for every $1,000 of assessment placed on your property.
For example: If the mill rate (municipal and school) is 17.5 mills, for every $1,000 of assessment you will pay $17.50 of taxes. Therefore, if you have a property with a taxable assessment of $100,000, your tax bill would be $1,750 plus any base or minimum taxes that would apply.
Assessment x Mill rate / 1000 = Property tax amount