There are a number of different taxing districts in a jurisdiction, each with a different levy.
Each year the County Auditor determines for that district a levy that will yield enough money to pay for schools, police and fire protection, road maintenance and other services budgeted for in the area. The tax levy is applied to each $1,000 of a property's taxable value.
The value determined by the assessor is the assessed value and is the value indicated on the assessment roll.
The taxable value is the value determined by the auditor after application of state ordered "rollback" percentages for the various classes of property and is the value indicated on the tax statement.
When comparing the value of your property with other properties always compare with the value on the assessment roll or the assessor's property record cards and not the value indicated on the tax statement.