Franklin County Property Reappraisal
Franklin County Auditor, Clarence Mingo, has announced average residential property valuation increases as part of the six-year reappraisal process mandated by State law. Residential values in the New Albany-Plain Local School District boundaries are expected to increase an average of 11%. This does not translate into an 11% property tax increase. In fact, Mr. Mingo’s office is estimating an average increase in residential real estate tax at 1.58%.
Representatives from Franklin County Auditor Clarence Mingo’s office attended the August 7, 2017 Board of Education special meeting to explain in more detail the Auditor’s office year-long process in establishing the new property values. While property values will increase an average of 11%, taxes paid will not. This also means the school district will not realize an 11% increase in real estate tax collections. The video of the explanation provided at the Board of Education meeting may be found here.
Ohio property tax law (HB920) does not allow voted millage to grow. There are inside mills that are permitted to grow with property value increases. New Albany-Plain Local Schools collects 4.5 inside mills which is XX% of total real estate revenue collections. Only the 4.5 inside mills are permitted to grow with reappraisal valuation growth. All other millage will be reduced to compensate for the property value increase. Voted levy millage is not permitted to grow with inflation per Ohio law.
The Board of Education also voted to place a 5-Year 1.25 mill levy on the ballot for permanent, or capital, improvements. Expenditures must be used for those repairs or assets with a five-year or longer useful life. Board members have determined that identifying a dedicated funding source to maintain the District’s $120 million campus is prudent.
The District also has a reduction of 2.5 mills for debt service expiring in December 2017 for tax collection year 2018.
How do all of these variables affect our taxpayers? The chart below details the anticipated effect. The average home value in New Albany-Plain Local School District is $350,000.