Reading Your Tax Bill

  •  Below is a sample City of Beloit property tax bill for 2014.  How School District taxes are calculated is listed to the right of the sample, with helpful descriptions of the different terms on the bill listed below the sample.
    Please note: 
    % Tax Change:  This net tax change does NOT equal the jurisdiction's mill rate tax increase.  This is only a reflection of the change between the amount due this year from the previous year, and is affected by many factors such as the Average Assessment Ratio.  In the case below, the School District's Mill Rate is 11.56% (same as previous year), not 8.8%.  Though the Total Assessed Value remained the same as in 2013, the homeowner's Total Estimated Fair Market Value increased by 6000, just by the Average Assessment Ratio changing from last year's rate of 1.1462.
     Tax Bill
    Helpful Descriptions
    Average Assessment Ratio:  Municipal average assessed value of all taxable property, when compared to the estimated fair market value of all taxable property in the municipality.   
    School Tax Levy Credit:  A State of Wisconsin "shared revenue" program, distributed to municipalities based on their share of statewide school levies.  It is taken off the total school tax due, leaving the property owner with a net tax due.  
    Total Assessed Value:  This is the dollar value your municipality's assessor has determined for your property.   
    Total Estimated Fair Market Value:  Estimated value calculated by the WI Dept. of Revenue, based on "arms length sales" (sales between willing buyer and seller) in the municipality the past year. 
    Additional Information
    School Levy:  School district property taxes include levies for general operations and debt service. Property values are equalized to reflect market value rather than local assessed value. The equalized levy rate is the total property tax levy divided by the current year equalized property value with tax incremental financing (TIF) values excluded. Levy rates are shown in "mills" or property tax dollars levied per $1,000 of equalized property value. 
    Our mill rate history
    2010-2011 9.47
    2011-2012 9.47
    2012-2013 10.66   *The proposed tax levy for the 2012-13 year has increased primarily due to the referendum.
    2013-2014 11.56
    2014-2015 11.56 
    Using a tool provided by financial firm, Robert W. Baird & Co. Inc., our Executive Director of Business Services has prepared our budget forecast from 2015-16 to 2019-2020. Using conservative assumptions of no new pupils or per-pupil $ increases from the State (which can actually be cut as it was in 2011), and cutting enough expenditures to keep up with cost of living increases, we still face a $4Million+ shortfall each year, eliminating our fund balance in two years without even deeper cuts to staffing.  Click here to see the forecast.
    More School District of Beloit budget information including audit documents is on our Business Services department website