An Ohio property has a market value of $400,000. The inside (unvoted) millage is 10 mills and the total voted millage is 85 mills, for a total of 95 mills. Due to Ohio's tax reduction factors (House Bill 920), the effective rate on the voted millage is reduced to 68 mills. What is the owner's total annual property tax?
Correct Answer
C) $10,920
Step 1: Assessed value = $400,000 × 0.35 = $140,000. Step 2: Inside millage tax = $140,000 × 10/1000 = $1,400. Step 3: Voted millage tax (after HB 920 reduction) = $140,000 × 68/1000 = $9,520. Step 4: Total = $1,400 + $9,520 = $10,920.
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A school district in Ohio needs additional operating revenue beyond what the 10-mill limitation allows. The district places a levy on the ballot. Which type of levy requires voter approval?
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Kevin, a new real estate agent in Ohio, is explaining property taxes to a first-time buyer. He correctly states that Ohio real property is assessed at what percentage of market value?