In Ohio, the purpose of House Bill 920 (tax reduction factors) is to:
Correct Answer
C) Prevent voted levies from generating more revenue solely due to increased property values
Ohio's House Bill 920 (ORC §319.301) requires that when property values increase due to reappraisal, the effective tax rate on voted levies must be reduced so that the levy generates approximately the same amount of revenue as when it was originally approved by voters. This protects taxpayers from automatic tax increases caused solely by rising property values.
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More Oh Property Tax Assessment Questions
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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?
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Maria is a 72-year-old Ohio homeowner with a household income of $40,000. She applies for the Homestead Exemption and is approved. Under the current Ohio Homestead Exemption program, which of the following BEST describes the benefit she receives?