The Summit County Fiscal Office has reported that new may actually be more millage than what voters are thinking they're voting on if it passes on Nov. 8.
How much more? They won't know until after the levy is voted on. They stated they will have the exact millage and how much each homeowner will be liable for sometime in December if the new levy passes. Because we are technically voting on whether to approve an additional $65 million in the form of this new 10-year property tax levy and not necessarily an exact millage of the new tax, allows the issue to remain on the ballot even though residents still won’t know their exact tax obligation until after the election.
Previous reports stated, at 6.57-mills your property tax bill will go up about 20 percent if the levy that voters passes this time. According to the Summit County Fiscal Office, in 2010 the average single family home in Stow was worth about $178,500, and about $150,900 in Munroe Falls.
That would mean that in average a homeowner in Stow would pay more than $350 toward the levy, and homeowners in Munroe Falls would pay more than $310 a year. But, due to our property values going down by an average of 7.42 percent, that means each homeowner in Stow and Munroe Falls will have to pay more percentage than the 20 percent increase mentioned because the whole $6.5 million is to be collected each year beginning with all taxes owed for 2011.
The Summit County Auditor's office confirmed that since the majority of our property tax goes toward accumulated multiple school levies which Stow and Munroe Falls voters have passed over the years; the part that goes to the school district will not see any decrease even though our property values have dropped. When it comes to school levies, we are voting on the dollar figure not necessarily on our percentage, which can go up to make up for the difference in property devaluations. If the new levy passes, the increase will be at least 20 percent to 30 percent more in February 2012 than if voters reject it again as they did this past August.
Due to the fact we are voting on a retroactive tax, we are voting on whether to tax ourselves since the beginning of this year Jan. 1, 2011. Therefore, voters need to be aware when they go to the booths; if this new 10-year $65 million (over 10 years) levy passes we will be negating the previous will of the people a few months ago in August and thus must pay whatever percentage increase, as determined by Summit County, once the property evaluations are finalized.
Residents will be able to call the Summit County Auditor’s office a week or two before Christmas to find out what their property tax bill will look like in February and how much this new tax levy will actually cost them if it passes this Tuesday.