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Tax Levy, Tax Capacity, and Tax Impact <br />The proposed tax levy for 2003 is $8,922,884, which is the same levy as 2002. <br />The following table summarizes the proposed 2003 tax levy. <br />The Citywide tax capacity represents the taxable value within the City. It is determined by <br />applying the State-wide property tax formula for each parcel, then adding each parcel's tax <br />capacity. The citywide tax capacity is then applied to the proposed levy to determine the local <br />tax rate. <br />The following table summarizes the local tax rate. <br />* Less fiscal disparity distribution. <br />To determine an individual property's tax, the local tax rate is applied to the property's net tax <br />capacity. <br />