Local Wealth Factor [Education] Law and Legal Definition
Local wealth factor is the average of the property tax wealth factor and the sales tax wealth factor. It is the fiscal capacity relative to sales and property taxes and proration factor for each district. In educational institutions, the property tax wealth factor is determined by dividing the local school system's net equalized adjusted property tax digest per weighted full-time equivalent student by the state-wide net equalized adjusted property tax digest per weighted full-time equivalent student. The sales tax wealth factor is determined by dividing the local school system's one percent local sales tax wealth per weighted full-time equivalent student by the state-wide one percent sales tax wealth per weighted full-time equivalent student.
Legal Definition list
- Local Wealth Factor [Education]
- Local Usage Details [LUD]
- Local Usage
- Local Urban Homesteading Program
- Local Unit of General Purpose Government
- Local Workforce Investment Board [Education]
- Locality Rule
- Locality-Plus Test
- Localization Doctrine
- Locally Operated Correctional Facility [Education]
- Locatio Custodiae
Related Legal Terms
- 504 Plan [Education]
- Abrogation [Education]
- Academic Competitiveness Grant (ACG) Program [Education]
- Academic Department [Education]
- Academic Field [Education]
- Account Receivable Factoring
- Accreditation (Education)
- Accredited Educational Institution
- Accrediting Agency [Education]
- ACG Scheduled Award [Education]
