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This sheet is intended to explain how the county property tax levy is apportioned among the variousmunicipalities and allocated to individual properties within each municipality. This explanation usessome technical terms in bold; those terms are defined on the next page. To keep this explanation assimple as possible, we'll discuss only the general countywide levy, which applies to all taxable property.In November, the County Board sets the Tax Levy, the sum needed for next year's county operations.The Tax Levy is divided by the countywide Equalized Assessed Value to determine the Mill Rate(which is usually multiplied by 1,000 to produce a Tax Rate per $1,000 of property value).The county allocates to each municipality its share of the Tax Levy in proportion to the municipality'sshare of the countywide Equalized Assessed Value. Each municipality then allocates its share of thecounty Tax Levy based on the Assessed Value of each property as determined by its local assessor.How the Tax Rate is calculated:A Short Explanation of Property Tax CalculationsTax Levy divided by Equalized Assessed Value multiplied by 1,000 = Tax RateYear2012 Levy2012 EqualizedAssessed Valuemultiplied by1,0002012 TaxRate2012 48,010,525 13,463,629,150 1,000 3.572011 48,010,525 14,418,248,850 1,000 3.33Application of Tax Rate on a home owner's propertyAssessed Value divided by 1,000 multiplied by Tax Rate = Property TaxYear Assessed Value 1,000 Tax Rate Tax2012 98,770 1,000 3.57 352.212011 100,000 1,000 3.33 333.00Change (1,230) 0 0.24 19.21The countywide Equalized Assessed Value for 2012 was 6.62% lower than the value for 2011.Since the 2012 tax levy is the same as the 2011 levy, the tax rate must increase proportionately.On average, this means that the actual tax on a property remains the same. However, because ofdifferent changes in Equalized Assessed Values of particular municipalities, or in Assessed Valuesof properties within the same municipality, individual properties may see a slight increase or decrease.Page 47 - 6