Mahoning Auditor Review Leaves Average Business Property Rate Unchanged

YOUNGSTOWN, Ohio – The Mahoning County Auditor’s Office has completed its triennial update for tax year 2020, analyzing sales that have taken place in the past three years.

Completed by an independent appraisal firm, the update adjusts and equalizes property values to reelect the market in each neighborhood. 

The average change for commercial and industrial properties was unchanged, while residential properties saw an average change of 13.24% and agricultural properties 8.49%. A full list of changes, sorted by tax district, can be found HERE.

“As values in a district increase or decrease during the reappraisal cycle, effective tax rates inversely increase or decrease, therefore ensuring that a voted levy will not generate more money than was approved at the ballot by the voters,” Auditor Ralph Meacham said in a statement.

In accordance with the Ohio Revised Code, county adutoros must complete a countywide appraisal every six year. In between those appraisals, they are required to conduct the triennial update. The State of Ohio Department of Taxation reviews and approves the proposed values. The Department of Taxation then approves proposed tax rates which are based on the levies voted on in the primary and general elections. Once these two things are approved, property taxes can be calculated.

A 1976 law prevents school districts rom collecting more money due to valuation increases from reappraisals or triennial updates than was approved by voters. If property values in a district increase, the millage rate on a voted levy is decreased so that the levy only generates the amount of money approved by voters. To prevent millage rates from being reduced too low, Ohio has instituted a 20-mill floor which means that a school’s millage rate cannot be reduced below 20 mills. Additionally, Ohio law does allow 10 mills of inside millage which can be levied without voter approval and is to be shared by the public schools and government entities in each district.

“As values in a district increase or decrease during the reappraisal cycle, effective tax rates inversely increase or decrease, therefore ensuring that a voted levy will not generate more money than was approved at the ballot by the voters,” Auditor Ralph Meacham said in a statement.

Copyright 2021 The Business Journal, Youngstown, Ohio.