Tuesday, July 23, 2013

NINETEEN IS A LUCKY NUMBER!

Submitted by Greenville City Schools
The Governor’s new law will not impact our upcoming Greenville Bond Issue.

If you pass Greenville’s Bond Issue on August 6, you will still receive the 12.5 % rollback reduction. This is the district’s only opportunity to have this advantage.

All new and replacement levies in Ohio, after November, 2013, will not receive this advantage. Nineteen Ohio schools, including Greenville, made what looks to be a very wise decision for taxpayers by putting levies on the August ballot.

Why?

Part of the Ohio budget bill signed June 30 by Gov. John Kasich will increase all new and replacement levies by 12.5% on homeowners and other taxpayers.

Before that change, a rollback involved Ohio paying 12.5 percent of local property tax bills. The public paid the remaining 87.5 percent. The rollback was created in 1971 as a deal with taxpayers. The state income tax was established in exchange for the state agreeing to pay a portion of property tax bills.

The new budget requires that all new and replacement levies approved by voters beginning this November will require property owners to pay 100 percent of the bill. Property taxes, like the Greenville issue, approved before November, will be unchanged. Information printed in levy literature representing $174.26 increase on a home valued at $ 100,000 is accurate. The estimated range of $ 2.10 to $2.60 per acre cost is correct as stated.

The rollback change influences a key factor that voters review when they make their decision -- the annual cost per $100,000 in property value. Voters note that figure, use it to determine their own tax bill, and decide whether to approve the new tax.

For Greenville, passing this bond issue on August 6th will mean a savings of around $ 25 per year for every $100,000 of property value. This is the only opportunity that Greenville citizens will have to keep this savings on property taxes.

Only a few people knew rollback existed since it was enacted 42 years ago. This is a pushback of taxes by Ohio to the local level.

Not only can the district obtain 19.5 million in funding from the State, but Ohio will continue to pay a portion through the 12.5% rollback with a vote “for” this bond levy on August 6th. For the next 37 years, the life of the bond, the estimated savings will be nearly 8 million for our district residents. This results in a total savings of 27.5 million dollars.

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