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governmental services - GORacine.org

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Definitions:Tax Levy - The amount to be raised by general property taxes for the purposes stated in thebudget to support County activities. Property taxes are levied in the current year forsubsequent year appropriations. The levy adopted in November 2012 is for the 2013calendar year budgetAssessed Value - A valuation set upon real estate and certain personal property by the town, village,or city assessor as of January 1st each year as a basis for levying property taxes.Equalized Assessed Value - A valuation set upon real estate and certain personal property by theassessors of every municipality, but then equalized statewide by the Wisconsin Departmentof Revenue and used as a basis for allocating property taxes that apply in more than onemunicipality (e.g., county, school district, or technical college district taxes).Mill - .001 of one dollar.Mill Rate - The rate, in thousandths of a dollar, of the levy on each dollar of taxable property.Tax Rate - The amount of taxes levied for each $1,000 of assessed valuation.Page 47 - 7

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