Ohio has a law, known as House Bill 920, which keeps school tax collection flat. This means that as property values go up, the voted tax rate goes down, so the total amount collected by the school district on an existing levy stays the same. The voted tax rate is adjusted based on the total dollars the tax will generate.
You might pay more if your home’s value went up more than the average. Similarly, someone whose home value went up less than average will pay less. The combination means the school still gets the same amount.
The original operating levy passed by Beavercreek Schools was in November 2010 for 11 mills and it was renewed in May 2015 for 10.9 mills. Today, taxpayers only pay roughly 8.74 mills on that levy. All the while, the district collects the same taxes to operate today as it did back in 2010 and 2015. Ohio’s law has reduced the tax rate based on the increase of home values so that the amount the school gets stays the same.
Please watch the video below to learn more.