SOME NEW INFORMATION ABOUT RESIDENTIAL PROPERTY TAXES
Ohio Law has changed recently and it makes a difference to most of us:
First, a little about what the "Property Tax Rollback" is: On owner-occupied residential property, the State of Ohio now is paying 12.5% of our property taxes for us (10% for residential rental property). This means simply that for each $1000 of property tax owed on the home and land each year, we are paying $875. The state pays the remaining $125 in property tax owed (instead of the property owner paying it) to the receiver of the tax (county, township, school district, city, etc.).
Recently, in the last state budget, the legislature and governor acted to only continue paying this rollback on property tax levies that continue to be renewed. On any future new levies, the owner will pay the entire property tax assessment. In the example above, that would be the whole $1000 if there was no rollback!
The Southeast Local School District has placed a renewal of its only operating levy on the May 6th ballot. The mills are 8.66, and it is not a new tax. The rollback tax break will continue when this renewal is approved by voters. If this levy would expire, any potential new levy to replace the lost funding would not receive the rollback tax break.