tag:blogger.com,1999:blog-4289345346387194350.post3525478061849598168..comments2023-06-24T10:52:34.846-04:00Comments on EducateHilliard.com: What Goes Up…Paulhttp://www.blogger.com/profile/05960574627644930183noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-4289345346387194350.post-72352095803836619162008-06-08T23:01:00.000-04:002008-06-08T23:01:00.000-04:00Jim: Thanks for the clarification.PaulJim: Thanks for the clarification.<BR/><BR/>PaulPaulhttps://www.blogger.com/profile/05960574627644930183noreply@blogger.comtag:blogger.com,1999:blog-4289345346387194350.post-67838258808557604362008-06-08T22:59:00.001-04:002008-06-08T22:59:00.001-04:00Even if property value were increased by 2% as a r...Even if property value were increased by 2% as a result of a reappraisal, the provisions of HB920 would nullify any property tax increase.<BR/><BR/>What Mr Wilson actually said that he: "anticipated <STRONG>values</STRONG> will be up 2 percent due to <STRONG>new</STRONG> residential and agricultural growth." In other words, he believes there will enough new houses built in our school district to increase the revenue from local residential and agricultural sources by 2%.<BR/><BR/>The last I asked the County Auditor's office, the residential and agricultural property in our school district was valued in excess of $1 billion. It's clearly more than that now, but I don't know how much. <BR/><BR/>But even if it were still $1 billion, a 2% increase in property value would mean $20 million in new construction. At an average of $200,000 each, this would take 100 new houses, a plausible number.<BR/><BR/>But there's a good chance that 100 new houses means 100 new kids and $1 million in new operating expenses for the school district. And that means another $600,000 or so the rest of us will have to cover, as those new houses will generate only about $400,000 in new taxes.Paulhttps://www.blogger.com/profile/05960574627644930183noreply@blogger.comtag:blogger.com,1999:blog-4289345346387194350.post-88431850572106661022008-06-08T22:59:00.000-04:002008-06-08T22:59:00.000-04:00Paul,A technical correction. HB920 is only the lat...Paul,<BR/><BR/>A technical correction. <BR/><BR/>HB920 is only the latest version of a property tax reduction concept that has existed in Ohio for 80 years. <BR/><BR/>It's an interesting history that reflects the changes in Ohio's economy. But, there has always been a protection against tax changes due to reappraisals (always rhetorically defined as 80 years or so).<BR/><BR/>That said, HB920 only deals with outside mills. So, taxes do rise and fall with property values based on the up-to-10 inside mills (typically 5 mills allocated to the school district).<BR/><BR/>Then, of course, there is the interplay between property values and state funding (if you district is not on a guarantee that is).<BR/><BR/>Del. Co. Auditor Hanks is also playing this game. I would bet that he fears reduced values and reduced tax receipts. <BR/><BR/>Funny, when values rise the governmental entities demand every incremental penny. Yet, when values fall, they fight to keep the change that should stay with the homeowner.Jim Fedakohttps://www.blogger.com/profile/16380143827895514714noreply@blogger.comtag:blogger.com,1999:blog-4289345346387194350.post-92058322807574134352008-06-08T20:54:00.000-04:002008-06-08T20:54:00.000-04:00At the May 27 school board meeting, the treasurer ...At the May 27 school board meeting, the treasurer reported he expected residential appraisals would go up 2%. Since they will be unchanged, I wonder if this will prompt them to increase millage requested for the Nov levy. http://snponline.com/articles/2008/06/08/hilliard_northwest_news/schools/hlfinance%20_20080602_0143pm_2.txtAnonymousnoreply@blogger.com