September 5, 2023
In Ohio, property values are reappraised every six years and updated every three years. Licking County is due for a full reappraisal in tax year 2023 (collected in 2024). It is anticipated that residential values will increase on average 30% in the Granville School District with the 2023 reappraisal.
One of the biggest concerns with increasing property values is the impact on property taxes. Due to House Bill 920 (an Ohio law that was passed in 1976), property owners are protected against unvoted increases in tax. HB 920 requires a calculation to reduce the effective tax rate that is applied to property owners so that as their property value increases over time (due to reappraisal/update), the amount of taxes owed remains approximately the same.
HB 920 is the reason why the effective tax rate is significantly less than the original voted rate. Please see the attachment for the change in the tax rates from the time they were originally voted to their actual effective rate today, as well as examples of property tax calculations and the district’s historical and forecasted general fund property tax revenue by fiscal year.
The district’s intent in sharing this information is to ease concerns leading into the reappraisal process. As taxpayers begin to receive information from the County Auditor’s office regarding their estimated values for 2023, the concepts previously described will be helpful in understanding how tax bills will be impacted by increasing values.