Tax Overview

FY 2024 ANNUAL BUDGET

Equalized Value Ratio

The equalized value ratio depicts the actual total property value of property in the City compared to the locally assessed real property value. A lower ratio means that the City’s actual property value is higher than the locally assessed value. Manufacturing property value is removed from the calculation because the State assesses such property, so it is not locally assessed. In addition, the calculation does not include property value in tax increment districts.

Property Valuation

Tax values are described in terms of assessed and equalized values for taxation purposes. Assessed values are used to distribute a municipality’s tax burden among individual property owners, and are re-assessed every three years. An equalized value determines the value of a city, village, or town compared to other entities within a defined area. Equalized values are used for apportioning county property taxes, public school taxes, vocational school taxes, and for distributing State aid. A positive change in equalized value indicates that a community’s share of the total value in a county is growing.

Tax Levy and Rate Information

The table below shows the total tax levy collected by various taxing entities. Assessed property values are required to determine tax rates for each taxing entity.