Senior Levy Funds - Glossary of Terms
Appraised value – The one hundred percent value of property as determined by an appraisal. This is similar to the market value.
Assessed value- the value assigned to a property for the purpose of establishing property taxes payable by the owner of the property. This value does not necessarily equal the actual value of the property.
County Classifications
Charter County - A chartered city, county or, municipality is one that possesses a unique set of laws that forms the legal foundation of its local system of government. Under a chartered form of government, the charter defines the powers and functions of elected officials as well as the organization and procedures of local government.
Class 1 County - any county of the first class not having a charter form of government with a population of at least one hundred fifty thousand but less than one hundred sixty thousand and any county of the first class not having a charter form of government with a population of at least eighty-two thousand but less than eighty-five thousand.
Class 2 county – A county with assessed valuation of $600 million or more, but less than $900 million, after the county has maintained such valuation for five years.
Class 3 county – A county with assess valuation of less than $600 million.
Class 4 county – Classification 2 counties which would otherwise return to Classification 3 because of changes in assessed valuation, but which attained Classification 3 because of changes in assessed valuation.
Levy – the imposition or collection of a tax.
Municipality - includes any incorporated city or town, or a part thereof, located in whole or in part within a county of class one, which municipality now has or which may hereafter contain a population of two thousand five hundred inhabitants or more, according to the last preceding federal decennial census
Revenue – refers to the money earned from the sale of products or service.
Taxing authority – includes any governmental, managing, administering or other lawful authority, now or hereafter empowered by law to issue tax bills, the state of Missouri or any county, municipality, school district, road district, water district, sewer district, levee district, drainage district, special benefit district, special assessment district, or park district.
Tax district - any county, municipality, school district, road district, water district, sewer district, levee district, drainage district, special benefit district, special assessment district, or park district, located in any municipality or county