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. Once 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

76,051,336

0.01

760,513

Total Class II

1,055,855,089

0.02

21,117,102

Total Class III

659,841,468

0.04

26,393,659

Total Class IV

264,361,165

0.04

10,574,447

Total

2,056,109,058

If calculated rate exceeds

Total weighted assessed values

58,845,720

Calculated

statutory max of 14.3¢

Rate:

use statutory max

7,532,085

1.01

7,758,048

Divided

58,845,720

X 100

13.18

Enter total projected property

Enter Rate for Assessor Here:

0.02

Total amount for calculation

Total Weighted

Class I reduced

tax revenue (Levy page 3

For example: 1.5% = .015

of levy rate

Assessed Value

(rolled back) levy rate

2001-2002 Budget Document)

2% = .02

(above)

(Per $100 Assessed Value)

3% = .03

Class II Levy Rate=

2 X

13.18

26.37

*Do not use figure in excess of

Class I Levy Rate

two decimal points

Class III and/or Class IV

4 X

13.18

52.73

Levy Rate =

Class I Levy Rate

REMEMBER:

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

does not maintain a 1:2:4 ratio