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All of these tax units decide what services they will provide in the coming year and how much money they will need to provide those services. This amount is divided by the assessed value of all city property minus the school tax credit to arrive at the net tax rate. The tax rate is the rate that is necessary to raise sufficient money for the property tax to meet the levy.
The levy is determined by totaling all expected sources of revenue, such as state aids and shared revenues, license fees, etc. This amount is then subtracted from the estimated expenditure figure, and the remainder must be raised from the property tax.