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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 .pm erty.classifications can. be found on page 1.35, <br />TAX CAPACITY RATE: Tax rateapplied 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 classification rates are assigned to properties depending on their type. (residential, <br />commercial, farm,. etc.) arid, in sorn6cases there are two tiers of classification rates, with the: rate <br />increasing as the 'estimated market values .increases: <br />TAX INCREMENT FINANCING (TIF): Financing tool originally intended to combat severe blight in <br />areas, which would n4t,be redeveloped "but for" the. availability of government subsidies. derived from <br />locally generated property tax revenues. <br />TALC 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.applie.d to tax capacity to determine the taxes generated by the property, <br />TAXES: Compulsory charges levied by a. governmental unit for the purpose: of financing services <br />performed for the common benefit. <br />TRUST.AND AGENCY. FUNDS: Funds used to.accaunt for assets held by a government in a trust <br />capacity or as an agent for individuals, private organizations, other governments andlor other funds: <br />TRUST FUND.: A fund.con sisting of resources received and held by the governmental unit as <br />trustee,.to be expended 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 portion 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 workto be done, <br />77 <br />