ABSTRACT
The real property tax is frequently the most significant source of local revenues. In most states, the municipality and the school district each levy a separate tax, even though the municipality often collects both revenues. The local tax rate multiplied by the expected assessed valuation should always produce the same estimate of revenue as the product of the equalized tax rate and the market or true value of the property. The analyst can usually obtain information about the current municipal and school district tax rates and equalization rates from the municipal tax assessor's office. If equalization information is not available locally, it can be obtained from county or state offices. A significant number of localities throughout the country levy a tax on earned income. The levy is usually shared by municipalities and school districts. Many municipalities levy a tax on the transfer of real property. This tax is often equally shared by municipality and school district.
