An Ohio school district passes a new 10-mill operating levy. In the first year, property values increase by 10% due to a triennial update. Under HB 920, what happens to this new levy?
Correct Answer
D) HB 920 applies immediately, reducing the effective rate to approximately 9.09 mills
HB 920 applies to voted operating levies beginning with the first reappraisal or triennial update after the levy is approved. When values increase by 10%, the effective rate is reduced to maintain approximately the same revenue: 10 mills / 1.10 ≈ 9.09 mills. HB 920 adjustments take effect when values change.
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