An Ohio property has a market value of $300,000 with a total millage of 95 mills. Due to HB 920, the effective voted millage is reduced from 85 to 70 mills. Inside millage is 10 mills. What is the annual tax savings from HB 920?
Correct Answer
B) $1,575
Step 1: Assessed value = $300,000 × 0.35 = $105,000. Step 2: Savings = reduction in voted mills × assessed value = (85 − 70) × $105,000 / 1000 = 15 × $105 = $1,575.
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