AGRICULTURAL VALUE - See CAUV
APPRAISED (MARKET) VALUE - County Auditor's opinion of property's potential selling price on the open market, between a willing seller and a willing buyer.
ASSESSED (TAXABLE) VALUE - this is 35% of the appraised or market value, which is then used for real property tax calculations, per Ohio Law.
BOND ISSUE - A ballot issue that is used to fund construction projects, capital improvements, etc. Taxes are levied in an amount needed to repay the bonds over a set period of time.
COMMUNITY DEVELOPMENT CHARGES - Charges levied against properties to finance a specific community purpose in a limited area.
CAUV - Current Agricultural Use Valuation- Program allows tracts of 10 acres or more that are being used for commercial agriculture to be valued at a lower rate for tax purposes. Tracts smaller than 10 acres qualify if the owner can prove at least $2,500 in average gross income, from the previous years. CAUV land is assigned a value according to soil type instead of standard real estate methods, such as a recent sales of similar properties.
EFFECTIVE RATE - ls the tax rate used to calculate real estate taxes. Used along with reduction factors, it ensures that tax agencies do not receive financial "windfall" as property values increase within a taxing district.
EMERGENCY LEVY - An operating levy for no more than five years that generates funds to meet emergency requirements of school districts or avoid a deficit.
HOMESTEAD REDUCTION - Property tax reduction given to senior citizens (age 65 and older) or permanently disabled homeowners that qualify under income requirements.
INSIDE MILLAGE - Up to 10 mills may be levied without a vote of the taxpayers in each taxing district. lnside millage is split among municipalities, county, townships and schools in each taxing district.
MARKET (APPRAISED) VALUE - County Auditor's opinion of property's potential selling price on the open market, between a willing seller and a willing buyer.
MILL - A mill is equal to one dollar for each $1,000 of assessed (taxable) valuation. For example, one mill levied on a home assessed at $35,000 ($100,000 market or appraised value) would generate $35.00 in revenue.
NON-BUSINESS CREDIT - A 10% property tax reduction given on residential (up to 3 family) parcels. Schools and other agencies are reimbursed by the state of all rollback amounts.
OPERATING LEVY - A ballot lssue that raises money to pay for day-to-day operations. Operating levies may be for a fixed term of years or may be continuing.
OWNER OCCUPIED ROLLBACK - An additional 2.5 % property tax reduction given on a homeowner’s primary residence. Eligible owners are only able to receive the rollback on one home within the state of Ohio.
REDUCTION FACTOR - Guards against financial "windfall" for taxing agencies as property values increase. The Reduction factor is set by the State of Ohio annually, and is used to determine the Effective Rate.
RENEWAL LEVY - A ballot issue that represents a continuation of a previously approved levy that is set to expire. Renewal levies continue to be affected by reduction factors applied to the original levy.
REPLACEMENT LEVY - A ballot issue that would take the place of a previously approved levy. The failure of the electorate to approve a replacement levy for a continuing levy does not terminate the existing continuing levy.
SPECIAL ASSESSMENTS - Charges (which are considered a lien on the property) that are certified to the Auditor, by government entities that are based directly on costs of specific services such as delinquent sewer charges, ditch assessments, street light rentals etc. The Auditor and Treasurer act as billing and collection agents only.
TAXING DISTRICT - ls comprised of a unique set of political subdivisions determined by county, municipallty, school district, township boundaries, library and vocation school district. For example, the City of Westerville has multiple taxing districts, including City of Westerville-Westerville Schools and City of Westerville-Olentangy Schools.
TAXABLE (ASSESSED) VALUE - this is 35% of the appraised or market value, which is then used for real property tax calculations, per Ohio Law.