Definition
The tax levyThe total amount of property tax money that a taxing unit (such as the schools, city, county, etc.) needs to raise to provide services. (as determined by the taxing bodiesThe following taxing bodies determine the total tax levy for property located in the City of Wauwatosa: • City of Wauwatosa • Milwaukee Area Technical College • Milwaukee County • Milwaukee Metropolitan Sewerage District • State of Wisconsin (for reforestation) • Wauwatosa Public Schools Visit the City of Wauwatosa Finance page for information on tax bills, Historical Tax Rate Information, and other helpful...) divided by the tax base. It is often expressed in terms of dollars per thousand. The tax rateThe tax levy (as determined by the taxing bodies) divided by the tax base. It is often expressed in terms of dollars per thousand. The tax rate is multiplied by the assessed value to determine the amount of tax that each property must pay. is multiplied by the assessed valueAn estimate of value assigned to taxable property by the assessor for purposes of property taxation. State law requires all assessments periodically be within 10% of market value. Assessed values most closely reflect market value following a revaluation. In non-revaluation years, assessments typically reflect a fraction of market value due to the changing real estate market. to determine the amount of tax that each property must pay.