Ohio HB129 amends tax laws to limit school districts' ability to reallocate property tax millage and include certain taxes in the effective millage.

Ohio HB129 amends sections 319.301 and 5705.314 of the Revised Code to restrict school districts' ability to reallocate unvoted property tax millage. It also includes certain property and school district income taxes in the calculation of a school district's effective millage floor. The bill specifies that reductions in tax rates should not result in an overpayment or underpayment of taxes on any parcel of property. It also outlines procedures for computing and certifying tax reduction factors and addresses the impact of changes in taxable value on tax computations.

Ohio HB129 amends tax laws to limit school districts' ability to reallocate property tax millage and include certain taxes in the effective millage.

Ohio HB129 amends sections 319.301 and 5705.314 of the Revised Code to restrict school districts' ability to reallocate unvoted property tax millage. It also includes certain property and school district income taxes in the calculation of a school district's effective millage floor. The bill specifies that reductions in tax rates should not result in an overpayment or underpayment of taxes on any parcel of property. It also outlines procedures for computing and certifying tax reduction factors and addresses the impact of changes in taxable value on tax computations.