No. The millage rate only applies to 35% of your home value, not 100%.
The current appraised value of a property is multiplied by 35% to arrive at the property's taxable value. The taxable value is then divided by 1,000 and multiplied by the millage amount.
Formula = Appraised home value x (.35/1000) x millage amount
Example for a 3.2 mill levy for a home with an appraised value of $100,000
$100,000 x (.35/1000) x 3.2
$100,000 x (.00035) x 3.2
$35 x 3.2
= $112 annual property tax increase ($9.33/month)