Assessed Value
The assessed value of a property is 35% of its market value, and is the amount that is used to determine tax amount.
Bond Issue or Bond Levy
Property tax levies used exclusively to generate revenue for construction/renovation.
Effective Millage
Actual mills being collected as tax revenue
Emergency Levy
This is a property tax that serves as a limited operating levy (maximum of ten years) proposed for a specific dollar amount. Because the dollar amount of taxes charged by the levy must stay constant, the millage rate increases or decreases as property values change. Emergency levies may be renewed for the dollar amount originally requested.
Expiration of Limited Levy
When a limited or emergency levy expires, the Board of Education can choose to renew the levy or replace the levy.
Market Value
The list price, or amount that a property could potentially sell for.
Mill
Property tax is measured in mills. A mill means 1/1,000. Therefore, each mill generates $1 in taxes for ever $1,000 of a property's assessed value.
Operating Levy
Property tax revenue used by a school district for funding operations. A continuing levy imposes a tax that a school district will collect until it is revoked by voters. A limited or emergency levy imposes a tax that a school district collects for a specified term - usually one to five years.
Permanent Improvement Levy
Property tax revenue used by a school district to fund projects and purchase with an expected useful life of at least five years.
Renewal Levy
Renewal levies must be for the same purpose and must be renewed at the effective millage rate. For example, a five-mill, five-year levy that has been reduced to 3.8 mills due to increase school district valuation would be renewed at the 3.8-mill rate. A renewal levy may be combined with additional millage.Property tax revenue used by a school district to fund projects and purchase with an expected useful life of at least five years.
Replacement Levy
This type of levy has the same purpose as a renewal, but replaces the previous levy and is imposed at the original millage of the levy it replaces. This allows a school district to benefit from any growth in local value that has occurred over the life of the original levy. For example, a five-mill, five-year levy would be renewed for five mills. This type of levy cannot be used for an emergency levy and cannot be combined with other changes in millage.
School District Income Tax
A percentage rate tax on residents' incomes as reported for state income tax purposes. Income tax can be used to fund either operating expenses or permanent improvements.
Unvoted (Inside) Millage
The Ohio Constitution guarantees 10 mills of unvoted taxes, also called inside millage, for each taxing district in Ohio. AWLS receive inside millage for the General Fund and Permanent Improvement Fund.
Voted (Outside) Millage
Any millage that is not allocated by the state is considered outside millage. All outside millage is voted by residents of the District.