Understanding The Tax CAP

5 Questions | Total Attempts: 49

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Tax Quizzes & Trivia

How much do you know about the state's tax levy limit (aka, tax cap)? Take our quick quiz now.


Questions and Answers
  • 1. 
    Under the new tax levy cap law, my tax bill will only increase by 2%?
    • A. 

      True

    • B. 

      False

  • 2. 
    The new law will limit the district's tax levy increase by 2%.
    • A. 

      True

    • B. 

      False

  • 3. 
    The tax cap legislation will affect all school districts equally.
    • A. 

      True

    • B. 

      False

  • 4. 
    How is the tax levy limit determined for school districts?
    • A. 

      The same as last year.

    • B. 

      An eight-step formula that each school district must use to calculate its individual tax levy limit. In particular, the calculation adjusts a district's tax levy to reflect growth in the local tax base and the rate of inflation or 2 percent (whichever is lower).

    • C. 

      None of the above.

  • 5. 
    Is the tax levy limit easy to understand?
    • A. 

      Yes.

    • B. 

      No.

    • C. 

      I always guess "C" in multiple choice.

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