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  • Who Is Really Raising Your Property Taxes

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    Lennie Jarratt
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    The document discusses how property taxes are determined and who is responsible for raising taxes. It shows that while increased property assessments do not directly raise taxes by themselves, an increased tax levy by a taxing body, such as a school district, is what causes taxes to go up. Even if assessments decrease or remain the same, an increased levy will result in higher property taxes. The key determinant of whether property taxes increase is the action of taxing bodies to raise the levy amount, not changes in individual property values alone.

    Original Description:

    Presentation explaining who is really causing the increases in your property taxes.

    Original Title

    Who is Really Raising Your Property Taxes

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    The document discusses how property taxes are determined and who is responsible for raising taxes. It shows that while increased property assessments do not directly raise taxes by themselves, an increased tax levy by a taxing body, such as a school district, is what causes taxes to go up. Even if assessments decrease or remain the same, an increased levy will result in higher property taxes. The key determinant of whether property taxes increase is the action of taxing bodies to raise the levy amount, not changes in individual property values alone.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    15 views6 pages

    Who Is Really Raising Your Property Taxes

    Uploaded by

    Lennie Jarratt
    The document discusses how property taxes are determined and who is responsible for raising taxes. It shows that while increased property assessments do not directly raise taxes by themselves, an increased tax levy by a taxing body, such as a school district, is what causes taxes to go up. Even if assessments decrease or remain the same, an increased levy will result in higher property taxes. The key determinant of whether property taxes increase is the action of taxing bodies to raise the levy amount, not changes in individual property values alone.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 6

    Who is Really Raising Your

    Property Taxes?

    Typical Tax Year


    Assessment increase
    Property Assessment

    Levy Increase

    Taxes Increased

    Current Year

    Year 2

    1,000.00

    # Identical Houses

    1,500.00

    10

    District Total EAV


    (Prop Assess * houses)

    Taxing Body Levy Extension

    10

    10,000.00
    $

    100.00

    15,000.00
    $

    150.00

    Tax Rate
    (Extension/District EAV) * 100

    1.00

    1.00

    Tax Bill
    (Prop Assess * Tax Rate)/100

    10.00

    15.00

    Assessment Increase Does NOT


    Increase Taxes
    Assessment Increase

    Levy Unchanged

    Taxes Unchanged

    Current Year

    Year 2

    Property Assessment

    1,000.00

    # Identical Houses

    1,500.00

    10

    District Total EAV


    (Prop Assess * houses)

    Taxing Body Levy Extension

    10

    10,000.00
    $

    100.00

    15,000.00
    $

    100.00

    Tax Rate
    (Extension/District EAV) * 100

    1.00

    0.67

    Tax Bill
    (Prop Assess * Tax Rate)/100

    10.00

    10.00

    Lower Assessment Does NOT Lower


    Taxes
    Assessment Decrease

    Levy Unchanged

    Taxes Unchanged

    Current Year

    Year 2

    Property Assessment

    1,000.00

    # Identical Houses

    500.00

    10

    District Total EAV


    (Prop Assess * houses)

    Taxing Body Levy Extension

    10,000.00
    $

    10
    $

    100.00

    5,000.00
    $

    100.00

    Tax Rate
    (Extension/District EAV) * 100

    1.00

    2.00

    Tax Bill
    (Prop Assess * Tax Rate)/100

    10.00

    10.00

    Levy Increase Raises Taxes


    Assessment Unchanged

    Levy Increased

    Taxes Increased

    Current Year

    Year 2

    Property Assessment

    1,000.00

    # Identical Houses

    1,000.00

    10

    District Total EAV


    (Prop Assess * houses)

    Taxing Body Levy Extension

    10

    10,000.00
    $

    100.00

    10,000.00
    $

    150.00

    Tax Rate
    (Extension/District EAV) * 100

    1.00

    1.50

    Tax Bill
    (Prop Assess * Tax Rate)/100

    10.00

    15.00

    Who is Raising Your Taxes?


    Assessment

    Levy

    Taxes

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