Now that the Lucas County triennial update is done, I have two questions:
1. Will we see a decrease in the Jan. 2013 property tax bills when they are sent out (if our property values were lowered)?
2. If the plethora of levies all pass, when will the increases kick in? July 2013 tax bill?
As always, I thank you guys for your collective wisdom!
Comments ... #
The revaluation will be applied to the 1st half of 2012. The taxes for the 1st half of 2012 are due January 2013. Property taxes are paid one year retroactively. You will see your property taxes go down for the bill you pay due January 2013 (if your property values dropped, which I think was the case for most of Lucas County).
When you find your property http://maps.co.lucas.oh.us/areis/areis.asp you will see in red levy estimator.
That will inform you how much additional taxes will be stolen from you after the votes are counted.
Stolen! What an ass.
Stick to the post topic troll. There was no political question asked.
posted by holland on Oct 24, 2012 at 04:06:16 pm # 2 people liked this
"If the PLETHORA of LEVIES ALL pass when will the increases KICK IN?"
Go to hell Holland. Start your own blog/forum/site if you want to control this site.
posted by 6th_Floor on Oct 24, 2012 at 04:21:02 pm # 4 people liked this
You have to be careful about expecting tax decreases when your property value goes down.
Existing levies are, at the time they were last voted upon, certified for a specific dollar amount for the term of the levy. Because the entity is 'certified' to receive that specific amount of money, you will pay a set amount based upon the value of your property at the time the levy was passed. So, for those specific levies that are in existence, you will not see a reduction in your taxes.
But, when they are up for renewal, they will be certified at that time based upon the current property value and, if your value has decreased, the amount you pay for those levies will as well.
It's a strange quirk that results in what is known as the 'effective' millage.
Other entities, like the city and the county, get a portion of your property taxes and those amounts should go down if your property tax goes down.
I know - complicated and hard to explain...let me know if you have further questions.
posted by MaggieThurber on Oct 24, 2012 at 07:55:50 pm #
I looked up our property on ARIES. They have the new values listed and our house took a considerable hit when revalued. They also have a new levy estimator for your property. Our taxes would go up $97/year if all levies passed.
I am not including TPS since we do not live in the TPS district.
Good point to make Maggie. Basing levy revenues on the value of the property at the time the levy goes into effect works in favor of the property owner when real estate values are rising. The levy receipient does not receive any greater return from an increase in real estate value.
I'll guess it's going to shock a few folks when they're expecting to see a corresponding decrease in taxes.
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