An Ohio buyer is considering two properties in the same neighborhood. Property A has a market value of $300,000 and has been recently reappraised. Property B has the same market value but was last reappraised three years ago, before values increased. Under HB 920, which property will likely have the HIGHER effective tax rate on voted levies?
Correct Answer
B) Both properties have the same effective tax rate because they are in the same district
Under HB 920, the effective tax rate on voted levies is the same for all properties within the same taxing district, regardless of when individual properties were reappraised. HB 920 works by adjusting the overall effective millage rate for the entire district, not on a property-by-property basis. Both properties in the same neighborhood and district would pay the same effective millage rate.
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