The levy imposed on real estate within a specific geographic area is determined by local governments to fund public services. This levy is calculated by multiplying the assessed value of a property by a percentage established annually. For example, a property assessed at $200,000 with a rate of 1.5% would incur an annual levy of $3,000.
This funding mechanism is essential for supporting vital community services such as schools, libraries, emergency services, and infrastructure maintenance. Understanding how this levy is determined and its impact on individual property owners is crucial for informed civic engagement. Historically, these rates have fluctuated based on budgetary needs and economic conditions. These fluctuations underscore the importance of staying informed about local government decisions and their potential impact on property owners.