Taxes are increased or decreased by:
- An increase or decrease in a levy request (amount of dollars) requested by a taxing district over or under the amount of tax dollars the district received the prior year.
- A shifting of the increase or decrease in the amount of dollars requested by a district from one taxpayer to another because of exemptions, TIFs, and other special tax treatments established by State Law.
Simplified example - if taxing district does not request an increase or decrease in the amount of dollars from the prior year.
Calculate Tax Rate
2015/Pay 2016 2016 Factor 2016/Pay 2017
Equalized Assessed Value 74,000,000 × 1.10 = 81,400,000
District Levy ($'s Asked For) 90,000 90,000
Tax Rate = Levy/Value .00121622 .00110565
When Equalized Assessed Value goes up and Levy (money asked for by the District stays the same) the Tax Rate goes down accordingly and the taxpayer does not see an increase in taxes.
How Individual Taxpayer would be affected.
Individual Assessed Value 50,000 × 1.10 = 55,000
Tax Rate .00121622 .00110565
Tax Bill $60.81 $60.81