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SY- Abbreviation for square yard, which is how sealcoating and street overlay projects are measured <br />TAXABLE MARKET VALUE: That portion of a property's market value that -is used to calculate <br />property taxes, <br />TAX CAPACITY: An amount determined by a percentage of a.property's market value, which is <br />than applied to the tax rates of taxing jurisdictions affecting the property to determine the amount of <br />property taxes owed, The current tax rates and property classifications can be found on page 135, <br />TAX CAPACITY RATE: Tax rate applied to tax capacity to generate property tax revenue. The <br />rate is obtained by dividing the property tax levy..by the available tax capacity. <br />TAX CLASSIFICATION RATE: Rate at which. estimated market values are converted into the <br />property tax base. The classificatlon rates are assigned to properties.depending on their type (residential, <br />commercial, farm, etc.) and, in some cases there are two tiers of classification rates, with the rate <br />increasing as the estimated market. values increases. <br />TA3C.€NCREMENT FINANCING (TIF): Financing tool originally intended to combat, severe blight in <br />areas, which. would not be redeveloped "but for the availability of government. subsidies derived from <br />locally generated property tax revenues. <br />TAX LEVY: The total amount. to be raised by general property taxes for the. purpose stated in the <br />resolution certified to the county auditor. <br />TAX RATE: The amount applied to tax capacity to determine the taxes generated by the property. <br />TAXES: Compulsory chargeslevied by a governmental. unit for the purpose of -financing services <br />performed for the common benefit. <br />TRUST AND AGENCY FUNDS: Funds used to account for assets held by a government in a trust <br />capacity oras an agent for individuals, private organizations, other governments and/or other funds. <br />TRUST FUND: A fund consisting of resources received and held..by the governmental unit as <br />trustee, to. be experided or invested in accordance with the conditions of the trust. <br />UNBALANCED. BUDGET: A budget which undesignated fund balance or reserves are used in order <br />to balance estimated revenues to estimated expenditures or expenses. <br />UNRESERVED FUND BALANCE:. The portiDn of a fund's balance that is not restricted. for a specific <br />purpose and is available for general appropriation. <br />USER FEES: The payment of.a charge for direct receipt .of a public service by the. party <br />benefiting from the service.. <br />WORKLOAD INDICATOR: A.unit of work to be done. <br />71 <br />