The governing body of a jurisdiction determines what based on annual budget requirements and total assessed valuation?

The tax rate is determined by the governing body of a jurisdiction based on annual budget requirements and the total assessed valuation. This process involves evaluating how much revenue is needed to fund public services and operations, such as schools, infrastructure, and safety. The total assessed valuation represents the cumulative value of all taxable properties within the jurisdiction, which provides a base upon which the tax rate can be applied.

When the governing body knows the total budget needed and the assessed value of properties, they can calculate the necessary tax rate to achieve the required revenue. For example, if a jurisdiction needs a certain amount of funds to operate and knows the total assessed valuation of all properties, it can determine what percentage of that valuation will need to be collected in taxes — hence establishing the tax rate.

Other options are not directly linked to the budget and valuation in the same manner. The assessment roll refers to the list of all properties and their assessed values, property classification pertains to categorizing types of properties for assessment purposes, and market value is an estimate of what a property would sell for on the open market, which does not play a direct role in establishing tax rates.