What is the Mill Levy?
The mill levy is determined each year by dividing the total amount of dollars needed by each tax payer-funded entity from the property tax by the total taxable value of the city of Fargo. This, in effect, ends up being the percentage of taxable value that is levied or assessed in property tax annually.
The property tax is determined by multiplying the taxable value* by that year's mill levy, moving the decimal three places to the left.
The mill levy is a composite of several entities' tax levying powers. Since there are three school districts within the city of Fargo, there are three different mill levies:
Fargo School District #1
West Fargo School District #6
Kindred School District #2
*The taxable value is 4.5% of the true and full value for residential properties and 5% for commercial properties.