mentorpublicschools 2024 0815 - Flipbook - Page 4
4
Mentor Public Schools
/
2024
Historical District Values vs. Tax Rates
Class I (Residential + Agriculture)
Year-Over-Year Change in Class I Property Values
% Change in Property Values
20%
19.68%
15%
11.45%
10%
5%
3.95%
0
0.06%
13
0.74%
0.35%
14
0.83%
0.74%
0.60%
0.20%
15
16
17
18
19
20
21
0.53%
22
23
Tax Year
Year-Over-Year Change in Property Tax Rates
15
13.37%
% Change in Property Tax Rates
There’s a reduction factor mandated
by law to protect taxpayers from inflationary growth, which is commonly
known as House Bill 920. In Mentor
Schools, most of our funding sources are
fixed rate levies that see limited growth
from the amount that was originally
passed, and effective rates are adjusted so
collections are shared across the community as property values fluctuate, because
our district is not at the 20 mill floor.
Mentor Schools also currently receives
4.8 mills of inside millage. As shown in
the chart (on the previous page), fixed rate
levies and inside millage are included in
the 20 mill floor. Not included in the 20
mill floor are fixed sum levies. Examples
of our district’s fixed sum levies are our
Permanent Improvement (PI) levy that
first passed in 1988 and generates about
$1 million a year. Today, that PI levy
generates the same amount of money as
it did back then. The same is true for the
renewal emergency operating levy the
community passed in November, which
secured the continuation of about $15
million a year in funding for Mentor
Schools for the next 10 years. When your
property value goes up, you do not pay
more on those types of levies.
Where the district will see an increase
in tax revenue due to property revaluation is on the inside millage, and we are
projecting this could bring in a 2.3%
increase in revenue for the district– nowhere near the average valuation increase
we’re expecting. To make this projection
for the district, I based my calculation assuming a 30% average increase in property values, which for Mentor Schools
taxpayers could equate to about $50 per
$100,000 evaluation per year going to
the schools. But again, that is an estimate
based on projections and you have to
keep in mind each property is assessed
individually. So while your property value may go up 30%, your friend across
town might see a 20% increase. It is also
possible some properties wouldn’t see an
increase at all, or in rare instances, even a
decrease. My projections are based on an
educated estimate of what we’re expecting is possible across the district’s boundaries, averaged. The new valuation you
will receive as a property owner this summer will be the appraised value of your
12
9
6
3
-0.19%
-2.74%
14
15
0.10%
-8.23%
17
18
0.34%
-0.08%
-13.23%
0.01%
-0.11%
20
21
22
23
0
-3
-6
-9
-12
-15
13
16
19
Tax Year
Tax rates are set each year by the Ohio Department of Taxation. Rates can
change based upon valuation change, additional levies, non-renewal of
levies, etc. The charts above show the YOY% change in Class I property
values and the resulting tax rates (effective) for Class I.
