Are your property taxes based on unrealized capitol gains? Unrealized capitol gains are the benefits (aka profit) you would receive if you sold your home. You are not getting the benefit from high property valuations unless you sell, hope that makes sense.
We all received an updated valuation from the Stark County Auditor last month and are awaiting the next letter to find out what our new higher taxes are…. because as someone said recently, our taxes never seem to go down, always up. According to Ohio House Bill 920, and explanation of it: When property values increase due to inflation (a reappraisal or update), House Bill 920 kicks in. Higher valuation shouldn’t lead to higher taxes.
House Bill 920 Explained
I did further research on the HB 920 and it applies only to levied funds. So, when we approve levies, let’s say the total is $2M in taxes. If our property values go up, the total levied money stays the same, at $2M. If our property values go down (market crash, etc.) our levied money still stays the same, ie.e.$2M. The question I had, and still not answer from Auditor’s office (11/4/21) is what percentage of our property taxes are unvoted, and would increase with the increase in property value.
The total for Jackson Township of non-voted funds in 2021 is $4,478,678 out of the $38,733,109 total budget, then basically 11.5% is not levied and will increase with the property value increases. To keep this ultra simple, if my property taxes were $5,000 per year, and my home value increased 20%, my taxes would increase $114 per year. Here’s the chart that explains the $4M number:
And here’s the chart that explains the $38M number:
This was originally created as part of my campaign for trustee, though I did not get elected, I still believe we can collectively make positive change in our township, and ultimately our country and world.