BUDGETS:
Budgets are supported by Taxes and misc. fees.
ASSESSED VALUATION:
The total Assessed Value of Property and Buildings
in a specific area. (City or County)
LEVY:
The total tax dollars given to an agency
to support their annual budget.
(Cities, Counties, Schools, Libraries)
MAXIMUM LEVY:
Since 1973 Indiana Law prescribes that the annual Tax
Levy to support the budget can increase only _% over
the Levy of the previous year.
TAX RATE:
The amount paid by the taxpayer, based on the approved
Levy and the Assessed Valuation.
Therefore, if the Assessed Valuation goes up, the rate can
be lower.
CALCULATION OF THE TAX RATE:
Divide the amount to be raised (line 14) Tax Levy
by the Assessed Valuation.
The answer will be the Tax Rate on each 100 Dollars of
Taxable Property.
The Tax Rate X Assessed Valuation = Tax Levy (OR)
Tax Levy divided by the Assessed Valuation= Tax Rate
