Happy December and holidays, Geauga County! In this month’s blog post, I want to talk about how your local Geauga County Public Library receives its funding
In an October 19, 2023, Maple Leaf article, County Auditor Chuck Walder stated that Geauga County residential real estate values will increase an average of 29.5%. Property taxes, however, do not increase along with home values. This is due to House Bill 920, which reduces voted levies to their value when initially passed. The increase in home values will not result in increased revenue for the library. Library revenue will remain the same despite the increase in property tax revenue.
Property owners in Geauga County have received a lot of communication about the increase in their property values. However, we recognize that you may still have questions about the impact of rising property values on the revenue the library receives.
According to the Ohio Department of Taxation Help Center FAQs, Ohio’s real estate market has changed significantly over the last few years. Increases in property values, however, do not mean that the corresponding property taxes will increase proportionally.
When property values increase or decrease in a neighborhood, tax rates are adjusted to prevent significant changes in the taxes owed. This is the “effective tax rate” created by the Department of Taxation. Generally, tax bills will remain constant even though the property value may have increased or decreased. Tax bills may see modest increases based on inside millage, new levies, or even new construction. However, Geauga County Public Library levies are “outside mileage” and the increase in home values will not increase property taxes or revenue for the library.