Direct answer
What does tax levy mean?
A tax levy is the total amount a taxing jurisdiction determines it must raise through property taxes.
Exam cue: The levy and taxable assessed value together influence the tax rate.
What does it look like in a question?
Example
A school district spreads its approved levy across the taxable property base.
Common exam trap
What should you not confuse it with?
A levy is the amount to be raised, not one owner's tax bill.
Related taxes and assessments terms
Assessed valueAssessed value is the value placed on real property for property-tax administration.Assessment rollAn assessment roll is the official municipal record listing parcels, assessed values, exemptions and related assessment information.Equalization rateThe equalization rate is New York State's measure of a municipality's overall level of assessment, calculated from total assessed value and total market value.ExemptionA property tax exemption is a law-based reduction or removal of qualifying property value from specified property taxation.Tax lienA tax lien is a charge against real property that secures payment of unpaid property taxes.Tax rateA tax rate is the rate applied to taxable assessed value to calculate property tax for a jurisdiction.
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