3. When property values are increased by reappraisals, what happens to voted millage?
Under Ohio law, the assessed value of real property is updated every three years through a sexennial reappraisal or a triennial update. Property taxes are reduced correspondingly so that the real property tax of the average homeowner for voted millage will not be increased as a result of reappraisals or triennial update. Therefore, even though a total of 75.20 mills have been approved by the New Albany-Plain Local School District, the residents pay only 55.47 effective mills on their property for school district taxes.