Composite index
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The term composite index, in the context of the 1982 Revenue Sharing Agreement between the City and Albemarle County; refers to the statistical grouping of the population and the real property tax revenue for the respective jurisdictions; combined in a standardized way to derive their respective split contribution to the shared fund from their real property tax revenues within their respective political boundaries. [1]
Simply put: The composite index formula is used to calculate how much of the pool (shared fund) each jurisdiction should receive, compared to how much they contributed.
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