|HOW WILL LEVIES AFFECT TAXES?|
Levy offered for construction activities with a specified term and amount. Proceeds are used to pay off principle and interest on the bond issuance. Mills are adjusted annually to meet debt service requirements. When debt is retired, the levy that created the tax terminates. A new bond levy will increase your tax.
Voter approved levy to extend the term and purpose of an expiring levy while considering original property valuations at the time of passage. Renewal mills have a reduction factor annually applied in order to raise the same amount of funding as in the original year of passage. If passed at the identical mills as the original levy, a renewal levy normally will not change the amount of tax paid.
Voter approved levy to extend the term and conditions of an expiring levy, but unlike renewal levies, takes the present day property valuation into consideration. Therefore, replacement levies may benefit an increase in value since the passage of the original “replaced” levy. If passed at the identical mills as the original levy, a replacement levy will normally increase tax if the value of property has risen since the original passage of the levy.
NOTE: An ADDITIONAL or NEW LEVY will increase taxes.
|WHAT TYPE OF FUNDING DO LEVIES PROVIDE?|
Is used to fund the general operations of the taxing jurisdiction for a specified period.
|PERMANENT IMPROVEMENT LEVY
Raises funds for specific permanent improvement(s) (construction and repair of buildings, sidewalks, parking garages, etc.), with no interest paid on the funds. A permanent improvement levy is limited to 5 years.
Generates a specified (fixed) level of annual funding, regardless of changes in property values. Emergency levies are limited to 10 years and are exempt from the 20 mill floor limitation.
|Information On Mills|
|The property tax rate is measured in mills; a mill is one tenth of a cent and is used in expressing tax rates on a per-dollar basis.
This translates to $1 for each $1,000 of assessed property value.
|KINDS OF MILLS|
|INSIDE MILLS are NOT approved by the voters, but instead are approved through the (Lucas) County budget commission.
Inside mills are limited to 10 mills on each property and for each taxing district.
Inside mills are NOT subject to provisions of H.B. 920; meaning funding (and your tax) rises as the value of your
property rises, and falls as the value of your property falls.
In its current configuration,
there are no available inside mills throughout Lucas County.
|VOTED MILLS (also known as OUTSIDE MILLS) are voted
mills in excess of the 10 mill (inside mill) limitation. Voted mills are subject
to provisions of H.B. 920, meaning the state adjusts the tax rate, such that a voted levy
collects no more in the future than it collects during the first year it is enacted.
Only voted current expenses and permanent improvement rates are subject to H.B. 920.