What does one mill represent in terms of property taxes?

One mill represents one-tenth of a cent and is equivalent to one dollar of tax per $1,000 of assessed property value. When property tax rates are determined, they are often expressed in mills, where each mill indicates that for every $1,000 of property value, the owner pays one dollar in taxes. This measurement allows for easier calculations relative to property value and tax liability.

In the context of this question, identifying that one mill is equal to one 1/1000 accurately correlates with this definition, making it the correct answer. Understanding this concept is crucial for real estate professionals, as property taxes can significantly impact a buyer's decision or an investor's profitability.