Medina County Auditor
Michael E. Kovack
FREQUENTLY
ASKED QUESTIONS ABOUT THE 2007 REAPPRAISAL
What is
assessed value?
Assessed value is the value of property
against which the tax rate is applied in order to compute the
amount of taxes due. By Ohio law, assessed value is set at
35% of appraised or market value.
How will this affect my
property taxes?
The Auditor CANNOT AND DOES NOT raise
your property taxes. The taxes you pay are determined by the budget
set by your local governments and by the tax levies authorized by
the voters in your community. Ohio law requires that as
property values increase due to reappraisals (inflation),
voted tax levies (outside millage)
are "rolled back"
so that the same amount of tax monies are being collected as when
the levy was originally passed. The only increased revenue
taxing districts receive from voted levies is from the added
value of new construction.
There are approximately
10 (ten) mills of unvoted levies (inside
millage) in each district that are not
rolled back as property values increase.
The State issues the
final "rolled back"
tax rates for the County. The Auditor's Office does not
receive these tax rates from the State until December.
Until that time we cannot tell what anyone's exact taxes will be.
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