A method of splitting the cost of public works in certain areas (tax increment districts) with the other 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... that will benefit from an increase in the tax base. The way it works is any increase in value in the TID above the base value (the value at the time the TID is formed) is not included in determining 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., however, 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 applied to all taxable property in the TID.
The additional revenue generated (the tax increment) is used by the municipality to help pay for the public works that stimulated the increase in the value of the TID. This process continues until either the public works are paid for, the legislative body terminates the TID, or 23 years has elapsed.
The total amount of property tax money that a taxing unit (such as the schools, city, county, etc.) needs to raise to provide services.
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.
The following 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... determine the total 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. 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 resources.
The Wisconsin State Constitution demands that all property values within the municipality be based on market valueThe amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment....
