JUST THE FACTS
The Cardinal Local School District is putting a 5.5 mill levy on the May 2 ballot. If passed, the levy would generate around $1.7 million for the General Fund Budget beginning in 2018. Please visit the Cardinal Schools Levy webpage for additional levy information. | Levy Cost Calculator
5 Facts About the May 2 Levy
CALCULATING THE COST
Understanding how a levy cost is calculated can be a bit confusing. First, some definitions:
Market Value – The value of your home if you were to list it for sale
Assessed Value – 35% of the market value of your home. The assessed value determines your yearly cost of a levy payment. (Formula: market value x .35 = assessed value) For example, a home with a $100,000 market value would have a $35,000 assessed value. ($100,000 x .35 = $35,000)
To determine the annual cost of a levy payment you must multiply the assessed value of your home by the levy amount (in Cardinal’s situation we are putting on a 5.5 mill levy, which translates to .0055 mathematically.) To calculate the monthly cost of a levy, you must divide the annual levy cost by 12. To calculate the daily cost of a levy, you must divide the annual levy cost by 365.
Annual Levy Cost Formula: Assessed value x Levy amount = annual levy cost (i.e. $35,000 x .0055 = $192.50)
Monthly Levy Cost Formula: Annual levy cost / 12 = monthly levy cost (i.e. $192.50/12 = $16.04)
Daily Levy Cost Formula: Annual levy cost / 365 = daily levy cost (i.e. $192.50/365 = $0.53)
Use our calculator to determine the cost of Cardinal’s 5.5 mill levy for you and your family.
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