The amount of a particular property's tax bill is determined by two things: the property's taxable assessment and the tax rate. The assessment is determined by the assessor and should be based on the value of the property; the taxable value is the assessment less any applicable property tax exemptions. The single tax rate is determined by dividing the tax levy to be raised by the applicable total taxable assessed value of the jurisdiction. The tax levy is the revenue necessary for the city to operate, after all other revenue sources (like Federal and State funding) have been deducted from the budget. The rate is further apportioned between the Residential and Commercial classes by the vote of the City Council at the Tax Classification Hearing.