The term "mill rate" can be described as the amount of tax that is paid per $1,000.00 of assessed property value. The Town of Biggar and local schools administration 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 Town 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 Town Council once the Town of Biggar budget has been approved for the year. The Province of Saskatchewan establish uniform mill rates for education and then work together to establish a uniform education mill rate for the Town of Biggar. Additional mill rates for special requisitions are approved on a yearly basis.
The mill rate indicates the amount of tax you will pay for every $1,000.00 of assessment placed on your property.
For example - if the mill rate (municipal and school) is 12.5 mills-for every $1,000.00 of assessment you will pay $12.50 of taxes. Therefore, if you have property assessed at $100,000 your tax bill would be $1,250.00.
Assessment X Mill rate / 1000 = Property tax amount