Levy
The total amount a taxing body decides to collect.
Schools, municipalities, parks and other districts each set a levy — the money they intend to raise. The rate is then derived by dividing the levy across the taxable value in the district.
This is why a falling assessment does not always mean a falling bill. If the levy holds and total assessed value falls, rates rise to compensate.
It is also why an appeal is not an argument about spending. The levy is not something a board of review can change.
Related
- Tax rate — The multiplier applied to your taxable value, set by the bodies that tax you.
- Equalization factor (multiplier) — A county-wide correction applied so counties are assessed at comparable levels.
- Appeal — A formal challenge to your assessment, not to your tax bill.
Property tax is state law and the details differ. For what applies where you live, see coverage by state and your appeal deadline.