Ohio attorney general approves petition to abolish property tax

Ohio Attorney General Dave Yost announced that a petition to abolish property tax has been approved. The Ohio Attorney General’s Office has approved the petition title and summary for a proposed …
What is a real property tax in Ohio?

The real property tax is Ohio’s oldest tax. It has been an ad valorem tax – meaning, based on value – since 1825. The department’s Tax Equalization Division helps ensure uniformity and fairness in property taxation through its oversight of the appraisal work of local county auditors.

Is real property tax a ad valorem in Ohio?

real property tax is Ohio’s oldest tax. It has been an ad valorem tax – meaning, based on value – since 1825, and the Ohio Constitution has generally required prop erty to be taxed by uniform rule according to value since 1851. The Department of Taxation ensures uniformity through its oversight of the appraisal work of Ohio’s county auditors.

Will a property tax amendment be a single issue in Ohio?

Attorney General Dave Yost on Friday approved summary petition language for the amendment and sent it onto the Ohio Ballot Board. If the board decides it’s a single issue, Citizens for Property Tax Reform could start gathering signatures this summer.

How do real estate taxes work?

You pay real estate taxes on the assessed value (35% of the property’s appraised value) of your property. The assessed value of the property multiplied by the effective tax rate of voted levies equals the amount owed. Typically, there are deductions for non-business property, owner-occupied homes, homestead reductions, and the like.

How do property taxes work?

Property Taxes are based on the assessed value of your property and the buildings on it. Every six years, property goes through a full reappraisal. Every three years, your property’s value is updated. Your property’s value is determined by market trends.

How do I calculate property tax?

The assessed value of the property multiplied by the effective tax rate of voted levies equals the amount owed. Typically, there are deductions for non-business property, owner-occupied homes, homestead reductions, and the like. You may review your property’s effective tax rate by looking at the tax bill you received from the County Treasurer.