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What happens to the mill levy rate as assessed value changes?

April 26, 2017assessed changes happens levy rate value

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What happens to the mill levy rate as assessed value changes?

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• The bond mill levy is calculated each year. The levy is multiplied by the assessed value to generate the amount necessary to pay the following year’s annual bond payment. If assessed value increases, the bond mill levy will decrease, if assessed value decreases the bond mill levy will increase.