Answer:The City Council and School Board approve annual budgets to pay for services in the coming year. The tax rate—sometimes called the mil-rate— is calculated by dividing the town’s total taxable assessed property value by the amount needed to be raised (the budget, net of other revenues).
For example: $915,000,000 value of all taxable properties in town/ $21,000,000 to be raised = $.02295 tax rate. Thus each dollar value of property would be assessed $.02295; or, as more commonly expressed, property would be assessed at $22.95 per thousand. (These numbers are for the purpose of an example only).
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The City Council and School Board approve annual budgets to pay for services in the coming year. The tax rate—sometimes called the mil-rate— is calculated by dividing the town’s total taxable assessed property value by the amount needed to be raised (the budget, net of other revenues).
For example: $915,000,000 value of all taxable properties in town/ $21,000,000 to be raised = $.02295 tax rate. Thus each dollar value of property would be assessed $.02295; or, as more commonly expressed, property would be assessed at $22.95 per thousand. (These numbers are for the purpose of an example only).
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