What is a tax rate levy?
By Bob Millaway, South Jersey Community Expert & REALTOR®
A tax rate levy is the total amount of money a municipality needs to raise through property taxes to fund its budget, including schools, police, fire, road maintenance, and other services. The tax rate is calculated by dividing the total levy by the total assessed value of all properties in the municipality. When property values rise, the tax rate can decrease while still raising the same revenue.
Why It Matters
Understanding the levy explains why tax rates change year to year and how municipal spending decisions directly affect your property tax bill.
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