Glossary of Terms S - Z
Glossary of Terms
Special Commercial PropertySee commercial class.
UniformityThe State Constitution demands that all property within the municipality is taxed at the same tax rate. State law demands that the valuation be based on market value.
Tax BaseThe total assessed value of all assessments in the municipality that is subject to local property taxes.
Taxing BodiesThe following taxing bodies determine the total tax levy for property located in the City of Superior:
- City of Superior
- Superior School District
- Douglas County
- Wisconsin Technical Colleges
- State of Wisconsin
Tax LevyThe total amount of property tax money that a taxing unit (such as the schools, city, county, etc.) needs to raise to provide services.
Tax RateThe tax levy (as determined by the taxing bodies) divided by the tax base. It is often expressed in terms of dollars per thousand. The tax rate is multiplied by the assessed value to determine the amount of tax that each property must pay.
Tax Rate= Total Tax Levy
Assessed Value Tax Rateis the tax levy divided by the assessed value (base) and is utilized for comparing tax bills within a community and for comparing particular property's tax bills over time.
Equalized Value Tax Rateis the tax levy divided by the equalized value (base) and is used for comparing tax rates between different communities and for determining the tax rates applied to overlapping jurisdictions.