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What You Need to Know About Tax Rates—And More [Video]

Warren Township schools Business Administrator Patricia Leonhardt breaks it down.

Ever wonder how tax rates and bills are calculated?

At Monday's Warren Township Board of Education meeting at the Business Administrator Patricia Leonhardt concluded her class in school budgets by showing how the district calculates the taxes...sort of.

While the formula isn't too complex for a thumbnail estimate—divide the amount to be raised in taxes by the township's total assessment for the rate—it's a bit more complicated in reality.

The school taxes are based on the school year, so it's divided between two calendar years in the middle of which the county redetermines the total assessments, changing...everything.

But Leonhardt explains how it's done using a 2 percent increase over last year's amount to be raised in taxes for the district as an example (plus a $0.015 per $100 assessment for debt service).

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