REGULAR (CURRENT EXPENSE) LEVY RATES FOR PROPERTY TAX PURPOSES

Page 2

W.Va. Code §11-8-6e requires county commissions and municipalities to reduce (roll-back) levy rates for property tax purposes when an annual appraisal

or general valuation of property would cause an increase in projected property tax revenues for regular (current expense) levies of more than 1%. The

reduced levy rates must produce no more than 101% of the previous year's projected tax revenue plus an additional percent to fund the on-going work of the

assessor. The reduced rate may be increased if a public hearing is conducted. Any such increase cannot exceed the previous year's projected property

tax revenue by more than 10%, plus a percent to fund the on-going work of the assessor. However, under no circumstances can the levy rates exceed the

maximums authorized under W.Va. Code §11-8-6b for county commissions which are: Class I - 14.3; Class II - 28.6; Classes III & IV - 57.2. In the case of

a municipality the maximum levy rates authorized by W.Va. Code §11-8-6d are Class I - 12.5; Class II - 25; and Class IV - 50.

It is important to note that when calculating the reduced (rolled-back) levy rates the values reflected on the form ROLL BACK must be used. After the

reduced (rolled-back) rates have been calculated and in order to complete the Levy Page (page 3) the rate must be applied to the values reflected on the

Certificate of Valuations (Column E).

WORKSHEET

TO DETERMINE REDUCED (ROLLED BACK) LEVY RATES

ENTER

FORM ROLL BACK

Assessed Value for

Calculating Reduced

Weighted

(Roll) Back Levy Rate

Weighting

Assessed Values

Total Class I

5,972,950

0.01

59,730

Total Class II

1,466,451,695

0.02

29,329,034

Total Class III

766,348,505

0.04

30,653,940

Total Class IV

287,552,106

0.04

11,502,084

Total

2,526,325,256

Total weighted assessed values

71,544,788

Calculated

Rate:

8,591,284

2.00%

+ 103% =

103.00%

Divided

71,544,788

X 100 =

12.37

Enter total projected property

Enter Rate for

Total % for rate

Total Weighted

tax revenue (Levy page 3

for Assessor in this box

Calculation - For Ex:

Assessed Value

Class I

2002-2003 Budget Document)

1.025, 1.03, 1.04

(above)

Levy Rate

If calculated rate exceeds

Class II Levy Rate=

2 X

12.37

24.74

statutory max of 14.3¢, do

Class I Levy Rate

not use more than max.

Class III and/or Class IV

4 X

12.37

49.48

Levy Rate =

Class I Levy Rate

REMEMBER:

*Do not use rate in excess of two decimal points

Maintain a 1:2:4 ratio. Due to rounding, the formula sometimes

does not maintain a 1:2:4 ratio

Public Hearing Requirements - Notice - Certification included in supplementary information.