My propertys market value has gone up considerably from what it was. Does this mean my taxes will also increase?
It depends. First, your tax bill is based on funding requests made by schools, libraries and government agencies as well as on levies that are passed by the voters. If funding requests decrease in a district, or if a tax levy expires, your property taxes could drop significantlyeven though your propertys market value may have risen. Second, in 1976, the Ohio legislature passed a bill that ensures that a levy can collect no more money each year than it was to collect when it was originally voted upon. That means even if property values in a taxing district rise by 30%, this law assures that, unless new levies go into effect, taxes should not rise proportionately.
