A mill rate is the property tax rate expressed as dollars of tax per $1,000 of assessed property value. 'Mill' comes from the Latin word for thousand. If a property is assessed at $300,000 and the mill rate is 10, the property tax would be $3,000 ($300,000 divided by 1,000, multiplied by 10). Municipal councils set mill rates annually when approving budgets, balancing revenue needs against taxpayer affordability. Different property classes (residential, commercial, industrial) often have different mill rates. Some provinces express tax rates as percentages rather than mills. Understanding mill rates helps property owners calculate and verify their tax bills.