2018 Adopted Budget - Laserfiche WebLink

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SY: Abbreviation.for square.yard, which. is how sealcoating and street. overlay. projects are measured TAXABLE.: MARKET VALUE: That portion of a property's market Value that is .used to calculate property taxes.. TAX CAPACITY: An amount.determined by a percentage of a property's market value, which is than applied, to the tax rates of taxing jurisdictions affecting the property to determine the arnount of property taxes owed. The current tax rates and property classifications can be found on page 135.. TAX CAPACITY RATE: Tax rate appied to tax capacity to generate property tax revenue, The rate is obtained by dividing the property tax levy by the available. tax capacity. TAX CLASSIFICATION RATE: Fate at which estimated market values are converted into the property tax base. The classification rates are assigned to. properties depending on their type (residential, commercial, farm, etc.). and, in some cases there are two tiers of classification rates, with the rate increasing as the estimated market values. increases. TAX INCREMENT FINANCING (TIF):. Financing tool originally intended to.combat severe blight in areas,.which would.not be redeveloped "but for" the availability of government subsidies derived from locally generated property tax .revenues. TAX LEVY: The total amount to be raised by general property taxes for the purpose stated in the resolution certified to the county auditor. TAX RATE:. Theamount applied to tar capacity to determine the taxes.generated by the property,. TAXES: Compulsory charges levied by a govern mental. unit for the purpose.of financing services performed for the common benefit. TRUST AND AGENCY FUNDS: Funds used to account for assets held. by a government in a trust capacity or as an agent for individuals;..private organizations, other governments and/or other funds. TRUST FUND: A fund consisting of resources received and held by the governmental unit as trustee; to be expended or invested in accordance with the conditions of the trust. UNBALANCED BUDGET: A budget which u.ndesignated fund balance or reserves are used in order to balance estimated revenuesto estimated expenditures or expenses. UNRESERVED FUND BALANCE: The portion of a fund's balance that is not restricted for a specific. purpose and is available for general appropriation. USER FEES: The payment of a charge for direct receipt of a public service by the party benefiting from the service.. WORKLOAD INDICATOR`. A unit of work to be done. 71