CAUV Revision Impact on Madison-Plains School District Tax Collections Prepared April 2013.

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Presentation transcript:

CAUV Revision Impact on Madison-Plains School District Tax Collections Prepared April 2013

Tax Collections

Tax Collection Changes

Question #1 Why have Current Agricultural Use Values (CAUV) changed so much?

Ohio Farm Bureau Video ZHh8E

Ag Value Facts Madison County Average Market Value / Acre = $4,500 Highest CAUV value in Madison County = $1,960 This equates to a 56% decrease in value for the most productive farm land in the county. Average % of CAUV value to Market value in Madison County is 32%

QUESTION #2 If Farm CAUV values went up by 55% in 2011 then why did the schools tax revenues only go up by 3.9% ($221,876)?

ANSWER #2: Once a school levy is passed, the amount of money collected from that levy may not exceed the amount received in the first year of collection. (Except for Inside Millage, which is not Voted-in and New Construction)

Tax Payer Example: Homeowner TAX YEAR HOME MARKET VALUE ASSESSED VALUE (-65%)MILLS SCHOOL TAX 2010$400,000$140,000X31.53=$4, $388,000$135,800X27.43=$3,724 Down: 3%Down:4.1mDown 16% Taxes on a $400,000 Market Value Home Decreased On Average By : -$689.21

Tax payer Example: Farmer TAX YEAR FARM MARKET VALUE FARM CAUV VALUE (-77%) ASSESSED VALUE (-65%)MILLS SCHOOL TAX 2010$816,000$183,600$64,260X31.53=$2, $918,000$399,840$139,940X27.43=$3,838 Up 13%Up: 78%Down 4.1mUp:89% Example assumes a 204 acre farm with the highest CAUV values in Madison County. Market Value 2010 $4,000 / acre Market Value 2011 $4,500 / acre +$1,812

2011 COLLECTIONS 2012 COLLECTIONS CHANGE IN COLLECTIONS Farm Taxes $2,180,353$2,941,822$761,469 35% Homeowner Taxes $3,631,209$3,091,616-$539,593-15% TOTAL TAXES $5,811,562$6,033,438$221, % The 3.9% Increase in Taxes was due to the increase in property values times the inside millage rate of 5.1 mills. Taxes on Voted Millage Were NOT Increased.

TAX COLLECTION CHANGE