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%.

For purposes of calculating the levy rate, the value attributable to new property and improvements should be excluded; therefore the values reflected on the

Assessed Valuations for Calculating the Reduced "Rolled Back" Levy Rates should be used because they do not include new property value. 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

5,967,500

0.01

59,675

Total Class II

1,755,655,382

0.02

35,113,108

Total Class III

848,043,307

0.04

33,921,732

Total Class IV

309,174,724

0.04

12,366,989

Total

2,918,840,913

Total weighted assessed values

81,461,504

Calculated

Rate:

2.00%

+ 101% =

103.00%

Divided

81,461,504

X 100 =

11.64

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

2004-2005 Budget Document)

1.025, 1.03, 1.04

(above)

Levy Rate

If calculated rate exceeds

Class II Levy Rate=

2 X

11.64

23.28

statutory max of 14.3¢, do

Class I Levy Rate

not use more than max.

Class III and/or Class IV

4 X

11.64

46.56

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

Notice of Tax Increase, Public Hearing Publication Requirements, and County Clerks certification is included in Appendix A of the County Government Guideline to the Budget Process