Declining Home Values Increase School Levy Millage for 2012

The  in November will be collected at 7.14-mills in 2012, thanks to a 7.42 percent drop in home values across Summit County.

On Aug. 5, the asked of its resolution requesting the Summit County Fiscal Officer to certify the current tax valuation based on the 2012 year and the mills necessary to produce $6.5 million for 10 years of revenue, which at the time, calculated to 6.57 mills, said Nikki Sipe, director of administration for Summit County Fiscal Officer Kristen Scalise's office.

was passed Nov. 8, in a 8,047 to 7,490 vote. Between the time when the district asked for the tax valuation and the day the levy passed, home values declined.

"The levy passed by voters is a fixed sum amount for 10 years and so the collection rate must be increased this year to make sure the school district receives $6.5 million each year, as mandated by state law," Sipe said.

The 10-year emergency operating levy initially was estimated to cost the owner of a $100,000 home:

• $201.21 annually
• $100.60 for half a year
• $16.77 a month
• 55 cents a day

With the decline in home values, the same levy (now being collected at 7.14-mills) in 2012 will cost the owner of a $100,000 home:

• $218.66 annually
• $109.33 for half a year
• $18.22 a month
• 60 cents a day

The Tax Commissioner approved the 2011 Real Property Abstract for the new tax year on Nov. 22.

"As we all know, values declined throughout Summit County," Sipe said. "However, new tax levies always produce an increase in property taxes."

New levies are adjusted annually, which means the millage could increase or decrease in 2012 and every year until the levy expires in 2022. This school levy will always collected $6.5 million annually from homeowners until it expires.

Want to find out how much the levy is going to cost you in 2012? Look at the property record card for the 2011 tax year and click "Where Do My Tax Dollars Go" to see tax distribution details. 

Sipe said the "Voter Approved Levy Tax" link has not been updated on the website as of Jan. 6. (It will be soon, she said.)