Warning! This property tax series may put you to sleep.
During
recent annexation discussions at recent city council meeting, a lack of property tax
knowledge by most, if not all, participants became apparent and led
to avoidable confusion.
I
will attempt to share my knowledge in plain language, on this forum.
In
Ohio most political subdivisions such as cites, counties, public
schools and townships receive a significant portion of their
operational revenue from taxes on property. Property tax is also
called real estate or real property tax. All property taxes are
collected by the county and distributed to the various local
recipients. All of this revenue remains in the local area and is not
shared with the state.
Schools
and cities may also levy an income or earnings tax to supplement
property tax revenue. Counties have the option of levying a sales tax
in excess of the state sales tax.
Political
subdivisions have the authority to levy some property taxes without
the consent of the voters. However, this un-voted property tax, also
know as inside milage, cannot exceed a total of 10 mills* Taxing
districts, for example the City of Wilmington, Clinton County and
Wilmington City schools are included in the 10 cap.
*
one
mill is equal to one dollar of taxes for each thousand dollars of
taxable property value. (.001 X $1,000 = $1.00)
Current
Inside mills for a Wilmington property owner:
2
mills (.002) City general operating fund.
.3
mills (.0003 Police pension fund.
.3
mills Fire pension fund.
3.00
mills County general operating fund.
4.2
mills Wilmington City Schools general operating fund.
9.8Total
inside mills
A
property owner in Union Township, Wilmington School District would
pay 1 mill for Township operations and .2 mills for roads and bridges
as well as the county and school inside levies. The total for Union
Township is 8.4 mills.
End
of inside mills section. The next installment will cover voter
approved levies outside of the ten mill limit.
Paul
Hunter paulhunter45177@gmal.com
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