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Agenda Item #4EMarch 31, 2015Action: Set public hearingMEMORANDUMMarch 27, 2015TO:County Councilor:Jacob Seeker, Senior Legislative Analyst SUBJECT:Resolution to set a public hearing: FY16 Constant
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How to fill out constant yield tax rate
How to fill out constant yield tax rate
01
To fill out a constant yield tax rate, follow these steps:
02
Determine the current assessed value of the property.
03
Find the jurisdiction's current tax rate.
04
Calculate the constant yield tax rate using the formula: (Current Assessed Value * Current Tax Rate) / (Prior Year Assessed Value).
05
Fill out the necessary tax forms with the calculated constant yield tax rate.
06
Submit the forms and payment to the appropriate tax authority.
Who needs constant yield tax rate?
01
Constant yield tax rate is needed by property owners and individuals responsible for calculating property taxes. It is used to ensure that the tax rate does not result in a windfall for the jurisdiction and is instead adjusted based on current property values.
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What is constant yield tax rate?
Constant yield tax rate is the tax rate needed to generate the same amount of tax revenue as the previous year, taking into account changes in property assessments and other factors.
Who is required to file constant yield tax rate?
Local governments such as counties, municipalities, and school districts are required to file constant yield tax rates.
How to fill out constant yield tax rate?
Constant yield tax rate is filled out by calculating the tax rate that would generate the same amount of revenue as the previous year, adjusting for changes in property assessments.
What is the purpose of constant yield tax rate?
The purpose of constant yield tax rate is to ensure that local governments do not unintentionally increase tax revenue due to changes in property values.
What information must be reported on constant yield tax rate?
Constant yield tax rate reports must include the previous year's tax revenue, current property assessments, and the calculated tax rate.
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