A farmer in Wayne County, Ohio enrolled 500 acres in the CAUV program five years ago. This year, he decides to convert 100 acres from cropland to a residential subdivision. What happens regarding property taxes on the converted acreage?
Correct Answer
D) The farmer must pay a CAUV recoupment charge on the converted acreage
Under ORC §5713.34, when CAUV-enrolled land is converted to a non-agricultural use, the owner must pay a recoupment charge (also called a CAUV recoupment penalty). This charge recaptures the tax savings the owner received during the years the land was enrolled in CAUV, typically for the prior three tax years.
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Previous Question
A property owner in Stark County, Ohio missed the deadline to file a complaint with the Board of Revision regarding an over-assessment. The sexennial reappraisal was completed last year, and the next triennial update is in two years. What is the owner's BEST option?
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In Ohio, the purpose of House Bill 920 (tax reduction factors) is to: