How to Calculate Approximate Annual Property Taxes in HRM
Let's calculate the approximate annual property taxes on a $350,000 property in Halifax Regional Municipality, where the mill rate is 1.24%, or $1.24 per $100 of assessed value.
$350,000 x .0124 (HRM tax rate) = $4,340.00 approx. annual taxes
Mill Rate
The mill rate is the amount of tax payable per dollar of the assessed value of a property. The mill rate is based on “mills” (French for thousand). It is a figure that represents the amount per $1,000 of the assessed value of the property, which is used to calculate the amount of property tax!
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