An Ohio property owner receives a notice from the County Auditor that property values in her area have increased by 15% due to the triennial update. She is concerned about her tax bill increasing. Which statement MOST accurately addresses her concern?
Correct Answer
A) Her inside millage tax will increase, but HB 920 will prevent most voted levies from generating additional revenue from the value increase
When property values increase, the inside millage (up to 10 mills) generates more tax revenue because it is not subject to HB 920 reduction factors. However, voted operating levies are subject to HB 920, which reduces effective rates to maintain approximately the same revenue. So the owner will see some increase (from inside millage) but not a full 15% increase.
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