The Official Website of the City of Racine
How Reassessment Affects your Taxes
Residential Historical Assessment
The Assessment Process
Assessment Property Classes
Tax Rates: All Government Units
Glossary of Assessor Terms
City Assessor's Office City Hall - Rm. 207 730 Washington Ave. Racine, WI 53403 Main Phone: 262-636-9119
Tax Rate: What is it?
What does it really mean when public officials discuss tax rates? The tax rate is calculated by dividing the total amount of property taxes to be collected by a community (the levy) by the value of all property in the community (total assessed value). Tax rates are typically given in dollars per $1,000 of assessed value (mill rate). See example "Tax Rate Math." To understand "tax rate talk," it is important to know how these factors interact: The levy is the total amount of property taxes to be collected to fund government programs. It is determined by local officials who budget each year for public services. Spending not funded by state and federal aids, fees, fines, or county sales taxes is covered by the levy. Total assessed value is the total value of all property in the city. The assessed value of a property determines what share of the total tax levy a taxpayer will pay through property taxes. Thus, if a property represents 1% of the city assessed value, it would bear 1% of the property tax burden. It is important to note this distinction: Budgets determine how much tax will be levied; assessments determine how that overall tax burden will be shared among property owners in the city.
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