What is the tax rate (also known as the mill rate)?

The tax rate is the rate necessary to raise sufficient money from the property tax to meet the tax levy. The tax levy is the amount of taxes the City of Dodgeville, the School District of Dodgeville, Madison Technical College, and Iowa County need to collect to support their budget. The tax rate is determined by dividing the total assessment of a district into the levy. The rate is often expressed in terms of dollars per thousand (also known as the mill rate). If the assessed values established by a revaluation are greater than they were before and the tax levy is the same, then the tax rate will be less. For example, if the tax levy remains unchanged and the total assessed value of the taxation district is doubled, the tax rate will be cut in half.