If a property is valued at $63,500, what would the tax be at a mill rate?

To determine the tax amount based on the property value and a mill rate, it's essential to understand how the mill rate works. A mill is equal to one-tenth of a cent ($0.001), meaning that a mill rate of 100 would translate to $100 in taxes for every $100,000 of assessed property value.

In this scenario, we first need to clarify the assumed mill rate. If we interpret the mill rate to be 1 (which is equivalent to $1 tax per $1,000 of value), you would calculate the property tax as follows:

1. Divide the property value by 1,000: [ 63,500 \div 1,000 = 63.5 ]

2. Since the mill rate is assumed to be 1, the tax amount would simply be $63.50.

Therefore, the tax on a property valued at $63,500 would indeed amount to $63.50 when applying a mill rate of 1. This understanding highlights the mechanics of property valuation in relation to tax calculations, where the mill rate directly affects the total tax due based on assessed value.