Levies make-up most of the tax rate that you see on your property tax bills. As a whole, levies won't generate more taxes due to the increase in values. However, the property value update will change the share of the levies that each property owner pays. As a rule of thumb:
- If your property’s value increases more than most other properties in your community, you may pay more for levies.
- If your value goes up about the average amount for your community, the amount you pay towards levies will stay about the same.
- If your value increase is less than the average value increase for your community, you may pay less for levies.
The rest of your tax rate comes from "inside millage." This small, unvoted portion of each property's tax rate is primarily responsible for the increases in taxes that communities will see as a result of this property value update. "Inside millage" charges increase proportionally, one-to-one, with increases in value.
Finally, separately from the property value update, new money levies that pass in 2023 will increase property taxes in 2024.