Maintenance & Operations (M&O) Levy: A special tax on property voted by the people to pay for day-to-day educational programs and operations in a school district.
Tax Rate: The
amount of tax collected per unit of assessed property value; usually
stated in dollars collected per one thousand dollars of assessed
value. Example: $3.96/$1,000 of assessed value.
Assessed Value: The total value of real property (land and buildings) as determined by the county assessor.
Appraised (Market) Value: The
total value of real property (land and buildings) as determined by a
professional appraiser on a specific date. An appraisal is ordered for
the specific purpose of determining the current market value, or sales
price, during the mortgage origination process.
purchasing a home, you may have numerous dollar amounts floating around
your memory, leaving you wondering what the actual value of your
property really is. Well, that depends on who is asking. Let’s look at
an example and why there are so many different amounts attached to the
same piece of property.
Jack and Jill Taxpayer bought a home in 2009. The asking price was $240,000. Jack and Jill put in an offer and bought the home for $235,000 (purchase price). When Jack and Jill’s lender had the home appraised, the market value was determined to be $215,000 (appraised value). Then comes tax time, and Mr. and Mrs. Taxpayer see that their property has an assessed value of $200,000. What number should Jack and Jill use when determining how the proposed M&O Levy affects them?
are based on assessed property values determined by the county
assessor. So in the example above, Jack and Jill can figure out how much
the proposed M&O Levy is going to cost them according to their
property’s assessed value of $200,000 using these charts.