When I was in high school, I took a course called General Business. That course should've been required for EVERYONE. We learned about how insurance works [some of the same stuff I was tested on for my insurance license], how you balance a checkbook [lots of folks seem to be baffled by that], and how government budgets and tax rates work.
The law sets how property is assessed for tax purposes. The governmental unit determines a budget for the fiscal year. This determines how much money needs to be raised via property taxes. Then the governmental unit divides the total budget by the total assessed value of the property within that governmental unit [county, township, whatever]. That determines the tax rate.
So if, after the total assessed value goes down, the county decides it needs the same amount of tax revenue, the tax rate goes up. And if the total assessed value goes up, and the county budget stays the same, the tax rate goes down. That's how it works IN THEORY. Since budgets NEVER stay the same, and they NEVER go down, the total amount of money raised by property taxes never goes down. When assessed values go up, if values raise enough, the governmental unit can announce a lower tax RATE and STILL increase their budgets.
But in case anyone didn't know how it works...that's a very simple explanation. Government IS going to get the amount of money they budget for, come hell or high water. The only variable is the assessed valuation and the tax rate involved. States, who approve county tax rates around here, usually don't let county governments accumulate budget surpluses; they'd rather that money instead go to the state.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - The Day Mom Drove the 8N - by Brian Browning. My Dad was wanting to put in a garden but couldn't operate the 8N and handle the old horse drawn plow he had found and rigged up to use with the tractor. Well, he decided to go get Mom out of the house and have her drive the tractor while he walked behind the plow. You got to understand that while my Mom is a hard worker who will always help whenever she can... she had never operated farm machinery before that day. Dad got her out there, explained how the clutch was the same as in our o
... [Read Article]
Latest Ad:
Oliver 550 Diesel runs like a watch three point hitch pto engine gone threw about two hundred hours ago nice clean tractor
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.