Tax Levy Information
The Board of Education accepted the community Task Force recommendation to lower the HSSD tax levy rate as part of its referendum plan. The rate has been steady at $9.19 per $1,000 of fair market property value for six years.
HSSD is one of only three Wisconsin school districts to maintain a steady levy rate over that period of time. The Board will discuss the details of a new lower levy rate at its January 25 meeting.
- Assessed Value is the dollar value placed on a parcel of property by the Assessor's Office.
- It is computed by analyzing thousands of individual sale transactions, thousands of inspections, and a thorough study of all neighborhoods.
- It is the Assessor's estimate of market value.
- It is important for maintaining equity between and among all taxpayers in municipalities.
- Calculated by municipalities periodically as needed.
- Estimated Fair Market Value is calculated by dividing the property's total assessed valued by the average assessment ratio.
- This ratio is applied to all property, including personal property, regardless of type or location of the property.
- In theory, this should approximate the current market value of the property as of January 1 in the year the assessment was determined.
- This value estimate is determined by the Department of Revenue (DOR).
- It is used to apportion tax levies among municipalities and is used in the distribution of shared revenues.
Source: City of Milwaukee website