One of the most important points for residents to keep in mind is that a 29.9% increase in property value DOES NOT equate to a 29.9% increase in property taxes! In fact, the average tax bill increase will be 4.15%. This is a result of a state law, more commonly known as House Bill 920, which limits inflationary growth on taxes. HB 920 protects homeowners from getting hit with large tax increases.
School districts do not receive additional revenue when values increase, with one exception - inside millage, which is 9.12 mills in Grandview Heights. That is the only portion of the tax rate permitted to increase or decrease with valuation.
The reappraisal will impact each property in our community differently. If your property value increases less than 29.9%, you can expect a smaller increase in your taxes, or possibly even a decrease in your taxes. Conversely, if your property value increases by more than the 29.9% average, you can expect an increase in taxes greater than the average 4.15%.
The County Auditor will be sending letters to each property owner in our community later this summer explaining the specific impact of the reappraisal on their respective property.
Grandview Heights continues to thrive economically and is a wonderful community to live in. As school leaders, we are proud of the success of our schools, one of the factors reflective in rising property values, and know this is realized only with strong community support.
Grandview Heights Schools' Treasurer Beth Collier, CPA, made the attached presentation to the Board of Education on Tuesday, August 15, 2017. It includes additional information on how the property reappraisal impacts the Grandview Heights community.