• Gross millage for Lorain County school districts.

Assessed value: The taxable value of land and improvements (i.e. buildings) for real property tax. The assessed value of real property is set by state law in Ohio at 35 percent of true market value, with some exceptions. Assessment rates: The percentage of true value that determines the taxable value of property. For all real property, the assessment rate is 35 percent. Bond levy: A levy to pay the debt service on bonds. The tax rate is set annually to generate the amount of money necessary to meet debt service obligations. These levies are not subject to reduction factors and do not figure into the calculation of the 20-mill floor. Emergency levy: A voted levy for a period not to exceed 10 years that must generate a fixed dollar amount in each year it is in effect. These levies are not subject to reduction factors and do not figure into the calculation of the 20-mill floor. Inside mills: Millage levied under the statutory 10-mill limitation. Such millage is enacted without a popular vote and is not subject to tax reduction factors. Schools generally receive between four and six of these 10 mills. Mill: One-tenth of one percent (0.001). Outside mills: Millage levied in addition to inside millage. Such millage can only be levied after an affirmative popular vote. Permanent improvement levy: A restricted use levy that can only be used for capital-related expenses. These levies do not contribute to the calculation of the 20-mill floor, but are subject to reduction factors if they are outside levies. Current expense levy: These levies can be either inside or outside the 10-mill limitation and are used for the general operations of a school district. Inside current expense levies are not subject to tax reduction factors. Outside current expense levies are subject to reduction, but with a very important restriction. The law specifies that the application of the tax reduction factors cannot cause a school district’s effective current expense millage rate (inside and outside combined) to fall below 20 mills (this is referred to as the 20-mill floor). Source: Ohio Department of Taxation

GRAPHIC BY CHERYL SADLER