Final answer:
The dollar value of a mill, which is a unit used to calculate property taxes, is $0.001. This value represents 1/1000th of a dollar.
Step-by-step explanation:
One way to figure out taxes is through the use of a mill. A mill is a monetary unit used in property tax assessment where 1 mill represents 1/1000th of a dollar. Given the options provided, the dollar value of a mill is $0.001. This is because there are 1,000 mills in one dollar, much like there are 100 pennies in one dollar. You need more of the smaller unit (mills or pennies) to equal the larger unit (dollars).
Considering that 1 dollar equals 100 pennies, we can understand that just as it takes a large number of the smaller units (pennies) to make up the larger unit (dollar), similarly, it takes a thousand mills to make up one dollar. The relationship between mills and dollars is key when calculating property taxes, where the assessed value of the property is typically multiplied by the mill rate to find the amount of tax owed.