An Ohio property owner receives a tax bill showing that his property's assessed value increased from $70,000 to $84,000 due to the triennial update. He wants to know if his existing voted levies will generate more tax revenue from his property. The correct answer is:
Correct Answer
B) No, HB 920 prevents any increase in taxes from value increases on voted levies, though inside millage tax will increase
Under HB 920, voted operating levies have their effective rates reduced when property values increase, so the total revenue from those levies remains approximately the same. However, inside millage (up to 10 mills) is not subject to HB 920, so the owner's inside millage tax will increase proportionally with the higher assessed value.
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