Assessed home value x mills / 1,000 = property tax The tax rate can also be expressed as the “millage rate.” One mill equals one one-thousandth of a dollar, or $1 for every $1,000 of home ...

This is not just a 2024 phenomenon. In 2023, Texas, one of our most property tax–dependent states, substantially increased its homestead exemption and passed an annual appraisal cap. Even more ...