What is MIL Rate?
The military operations in Afghanistan and Iraq have been costly and the American taxpayers have shouldered a large part of the burden. In addition to the monetary cost there is also the human cost with over 6000 American soldiers killed in action and many more wounded.
The cost of these wars is often quoted in terms of the budget deficit but there is another way to look at it: the MIL rate.
The MIL rate is the amount of money that the US government spends on the military divided by the number of American households. In other words it is the cost of the wars per American family.
In 2013 the MIL rate was $4063. This means that the average American family paid $4063 towards the cost of the wars.
The MIL rate has fluctuated over the years but has generally been on the rise. In 2001 the MIL rate was $1786 and it reached a peak of $5530 in 2010.
While the MIL rate has begun to decline in recent years it is still higher than it was before the wars began.
The MIL rate is just one way to measure the cost of the wars. It is important to remember the human cost as well with over 6000 American soldiers killed in action and many more wounded.
What is the mil rate?
The mill rate is the amount of tax payable per dollar of the assessed value of a property.
What is the purpose of the mil rate?
The mill rate is used to calculate the amount of property tax owed.
How is the mil rate calculated?
The mill rate is calculated by dividing the total amount of taxes levied by the municipality by the total assessed value of all taxable property in the municipality.
Who sets the mil rate?
The mill rate is set by the municipality.
When is the mil rate set?
The mill rate is set annually.
How often is the mil rate reassessed?
The mill rate is reassessed every year.
What factors can affect the mil rate?
The mill rate can be affected by the amount of taxes levied by the municipality the total assessed value of all taxable property in the municipality and the municipality’s tax base.
What is the effect of a increase in the mil rate?
A increase in the mill rate will result in an increase in the amount of property tax owed.
What is the effect of a decrease in the mil rate?
A decrease in the mill rate will result in a decrease in the amount of property tax owed.
What is the difference between the mil rate and the tax rate?
The mill rate is the amount of tax payable per dollar of the assessed value of a property while the tax rate is the amount of tax levied on a property.
How does the mil rate compare to the tax rate?
The mill rate is usually lower than the tax rate.
Can the mil rate be negative?
No the mill rate cannot be negative.
What happens if the mil rate is not set?
If the mill rate is not set the municipality will not be able to levy property taxes.
Who is responsible for paying property taxes?
The owner of the property is responsible for paying property taxes.
What is the consequence of not paying property taxes?
The consequences of not paying property taxes can include a tax lien being placed on the property the property being seized by the municipality and the municipality taking legal action against the property owner.
