What is the difference between a property tax levy and a tax rate?

Property tax levy and tax rate are two important components of California Property Tax Law. The difference between the two is that a property tax levy is the total amount of money collected in property taxes while a tax rate is the rate at which property taxes are calculated. The property tax rate is expressed as a percentage and is determined by the total value of a property. It is calculated by the taxing authority which collects the tax from property owners. The rate is applied to the assessed value of the property, which is determined by the county assessor. The property tax levy is the total amount of money collected in taxes from property owners in a given jurisdiction. It is determined by the taxing authority and is calculated by multiplying the tax rate by the assessed value of the property. The levy is used to pay for local government services and is collected by local governments such as counties, cities, and school districts. The levy and rate are both factors in calculating a property tax bill. The tax rate is used to determine how much tax is due, while the levy determines how much money is collected from a given property. By understanding the difference between these two components, property owners are better able to understand their tax bill and how their taxes are being used.

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What is the difference between a property tax levy and a tax rate?

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