Tag Archives: real estate property tax rates

Central Ohio Schools’ Performance vs Property Taxes

Posted on 08/29/2011 | Leave a comment

On Wednesday I wrote an article about the recently released Ohio Schools Report Cards. I just updated the Tax Graph that shows the relationship of several school districts as per their property tax rates with an overlay of the recent ratings of the schools. All of the school districts that I normally cover in this blog are doing very well. Most notably, the Delaware school district improved from Effective last year to Excellent With Distinction for this year.

2010 Property Tax Rates for some central Ohio school districts

Click to enlarge, then click again to further enlarge

Each bar within the school district represents a taxing area within the district. Assessments are based on a dollar amount per $100,000 of assessed value from the county auditor (Delaware or Franklin Counties). Of course, property taxes are used for more than just schools, but school funding makes up a large portion of our property taxes.

To see how the school districts compared with last year’s Report Card ratings, read more here.

Call me if you have questions on interpreting the chart.

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Posted in Central Ohio, Delaware Ohio, Dublin Ohio, Franklin County, Galena Ohio, Hilliard Ohio, Homes, Housing stats, Lewis Center Ohio, Powell Ohio, Schools, Worthington Ohio

Tagged 2010-2011 schools report cards, Big Walnut school district, Buckeye Valley school district, central ohio real estate market news, Delaware school district, Dublin school district, Hilliard school district, Olentangy school district, Plain Local school district, real estate property tax rates, Westerville school district, Worthington school district

Election Day is coming … info on levies

Posted on 10/24/2010 | Leave a comment

Vote 2010 Election Day is just days away. We’ve been subjected to way too many negative ads for the candidates, but have seen few for the issues that we’ll also be voting on. If you’re unclear on the specifics of the issues, a good place to read about them is at VotersGuide.Dispatch.com. Enter in your home address to review the candidates and issues that will be on the ballot that you’ll be given.

Regarding the issues and how much they will cost in your property taxes, you can find that info on the county auditor’s web site, at least if you live in Franklin County or Delaware County. Both these counties show the levy or levies for your home’s address and show how much it will cost you based on your home’s assessed value.

NOTE: both counties refer to the assessed value as “market” value. Market value is what a buyer is willing to pay to buy your home. The auditor offices have no knowledge of whether your home has upgrades galore or 30-yr old shag carpet. In fact, during our recent meeting with the Franklin County Auditor at the Columbus Board of Realtors®, we asked him to change this wording to “assessed” value, since it’s really an obscure value used to charge property taxes.

Here’s how to check how much a given levy will cost you:

FRANKLIN COUNTY AUDITOR’S SITE

On the top bar, mouse-over YOUR PROPERTY then click on PROPERTY SEARCH.
On the left bar, choose to search for your home by NAME or ADDRESS.
On the left bar, click on CURRENT LEVY INFO.

DELAWARE COUNTY AUDITOR’S SITE

In the left column, under the title PROPERTY SEARCH, choose to search by your NAME or your ADDRESS.
In the left column, click on LEVY INFO then click the link to the info.

VOTE SMART … BUT VOTE!

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Posted in Central Ohio, Delaware County, Franklin County

Tagged central ohio real estate market news, real estate property tax rates

Should I vote ‘yes’ or ‘no? Taxes ‘up’ or ‘down’?

Posted on 10/28/2009 | 2 Comments

Next week we have an election for local issues and/or levies. We’re all too familiar with issues being written such that a ‘NO’ vote is really a ‘YES’ vote. It can be so confusing.

Today we had a meeting with the Franklin County Auditor’s staff giving us a presentation on the new features of their web site. During one of the slides, he showed us the tax estimator page which allows residents to see the dollar change the levy or issue would have on future taxes. As we were reviewing the information on the web page, we noticed an inconsistency to what the language of the proposed levy said versus the impact on the property tax.

The Proposed Levy Says It’s A Decrease

The proposed levy is promoted as a “replacement levy” that will be a “decrease” in taxes. The old levy that expires was a 3.15 mill levy. The new replacement levy – if voters approve – will be a 3.10 mill levy. OK, that’s a decrease.

HOWEVER, levies can only collect a maximum amount of money. If property values or the number of households/businesses increases, then the millage per parcel may actually be lower than millage that was voted in. That’s what happened to this original levy. Even though voters originally voted for the 3.15 mill levy, it’s actually being collected at a rate of only 2.010197.

The Proposed Levy Will Actually Be A Increase

If voters approve the 3.10 Replacement Levy, they may actually see an INCREASE to their taxes since instead of collecting at the 2.010197 rate, taxes may be collected at 3.10 mill rate. So that will be an increase, not a decrease.

Using a Hilliard home as an example

Using a Hilliard home as an example, the Auditor shows an assessed value of $149,800. The annual tax payment for this home is $3497. Using the Auditor’s tax estimator, if the replacement levy passes, instead of paying $7.69 for the current levy, the new replacement levy would collect $11.85.

So that’s how a Replacement/Decrease levy can result in an increase to the tax you may actually pay.

While I’ve used a particular Franklin County levy as an example, the discussion can really apply to any county and any levy. The key point is that rather than just accepting what the levy ballot language is, do a little checking to see how it differs from what is currently being collected. You can be sure that the proponents of this replacement levy aren’t going to mention that households may pay more. They want to put a positive spin on the levy so voters will pass it. Plus, they are correct in that it is a decrease … you just may not see that decrease when your property tax bill arrives in the mail.

BE AN INFORMED VOTER … THEN VOTE!

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

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Posted in Central Ohio, Commentary, Franklin County

Tagged central ohio real estate market news, property taxes, real estate property tax rates

How Buying A Home Can Save You Money

Posted on 09/27/2009 | 1 Comment

Home buyers today are smarter buyers and are looking at the “total package” that a specific home offers them. While the neighborhood, schools and floor plan are still at the top of the list, there are other considerations to keep in mind as well.

Property taxes: There can be quite a difference to the property taxes charged depending on the school district and taxing district where the home is located. Overlay this information with any local income tax that may or may not apply. You may find that a slightly higher property tax rate may allow you to pay less in local income tax depending on where your income is earned. Consult with your accountant if you think this may apply to you, then use that info to decide if a property’s location matters to the local taxes you will pay or save.
Heating/cooling/windows: Naturally the quality of the windows can have a tremendous impact on heating/cooling costs. The efficiency and age of the furnace and AC units can also affect costs and your comfort. When homes are a certain size, they may have zoned systems for better efficiency. There may be 2-3 HVAC units which may be better long-term than having one system work extra hard. You can also have each system set for different temps, depending on the floor plan and your comfort needs. Consult with an HVAC company for advice if the home is around or over 4000 sq ft.
Home Office: Questions for an accountant, for sure. Would you derive a tax benefit to operating a home office? If so, you might want to add “den/office” to the features you want in a new home. Talk to your home insurer to see if you should have an exclusive entrance if the public will be coming to your home. Also, check local zoning codes to see what the restrictions are for having a home business. With more people telecommuting or setting up an online business, having a nice home office can be a real plus.
Vegetable Garden: No longer is growing your own food a trendy thing to do. It’s back to basics for some who want to ensure their food supply is safe. You’ll also save quite a bit of money as well. Most newer subdivisions have restrictions that don’t permit “growing crops”. Yes, that salad garden of tomatoes and lettuce is considered a “crop”. If being able to grow your own veggies is important to you, be sure to check the deed restrictions to see if you’re allowed to have a garden.
Alternate Heat Source: We know that the typical fireplace is not efficient because the heat goes up the chimney. But if you have a ready (free) supply of wood, a wood stove can sometimes be used to heat the home or at least a portion of it, thereby saving some on the cost of your main heat supply. These stoves can also be wonderful if a severe winter storm causes the electric to go out. Huddle around them, keep your tootsies warm, and make a few S’mores.

As a buyer, if you’ve narrowed your home search down to 2 or 3 homes, you might just want to consider some of these other not-so-common features in the homes. When you do, you may find quite a difference in the overall costs – or savings – that one home offers over others. Of course, we can’t put a price on quality of life for the duration that you will be living in the home. However, if you know you’re saving money during that time, you’ll enjoy the home a whole lot more.

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Posted in Buyers, Central Ohio, Home buying process, Homes, Homes for sale

Tagged energy efficient windows, real estate property tax rates, saving money on a home, vegetable garden, wood-burning stove

Updated – Current Real Estate Property Tax Rates

Posted on 09/10/2009 | 2 Comments

I just updated a real estate property tax rate graph for Franklin County and Delaware County. As might be expected, many taxing areas showed increases versus last year’s update. The graph shows the dollar rate per $1000 assessed value of the home.

Click to enlarge chart

In central Ohio, we pay property taxes in arrears. The taxes we paid last June were for the period Jul-Dec 2008. The taxes that we will pay the end of this coming Dec, will be for the period Jan-Jun 2009. When a home seller sells their home, they must pay all the taxes that are due up to the closing date. Sometimes, this can equal up to 11 months of taxes. This can be a shocker for sellers if they’ve not considered it or didn’t use a Realtor® who gave them a Net Equity Estimate at the time they listed the home.

Our property taxes help fund our local school districts, which can be a contentious subject. Wealthier areas may be more likely to pass school levies, which can seem to give their district an edge over less wealthy districts. Some people would like to see that discrepancy removed such that all districts are treated more equally, regardless of the property values, and ability of home owners to fund levy increases. No solution has been given yet.

Since the tax rates are used to fund the schools, it’s convenient to also consider the Ohio Dept of Education’s annual Report Card for the districts. The Dept of Education issues one of six grades for each district, as well as for each school. The six grades are:

Excellent With Distinction (Arlington, Dublin, Hilliard, New Albany-Plain Local, Olentangy, Worthington)
Excellent (Big Walnut, Westerville)
Effective (Buckeye Valley, Delaware)
Continuous Improvement
Academic Watch
Academic Emergency