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Economic principles of property taxes. Find the answers to the following questions about property taxes: in...

Economic principles of property taxes.

Find the answers to the following questions about property taxes: in Ohio. (MUST BE OHIO).

1. What property classifications are used?

2. Who is responsible for assessing property values?

3. How often are assessments redone?

4. What assessment ratio is used?

5. What property tax relief does Ohio provide?

Solutions

Expert Solution

Que.1:

Ans: There are four types of classifications are used for property tax:

  1. Real property (Class 1) which includes Agricultural land, Residential land
  2. Real property (Class 2) which includes industrial property, commercial property
  3. Public utility tangible personal property (Generation Property, distribution)
  4. Business tangible personal property which includes Machines, Furniture, and such equipment (which is no longer taxable)

Que.2:

Ans. Auditors of country are responsible for assessing the value of all property.

Que. 3:

Ans: In Ohio, assessment are conducted in every Six years for property and property valuesare updated after three years of assessment

Que. 4:

Ans. 35% assessment ratio is used for property taxes in Ohio.

Que. 5:

Ans: Senior citizens, Disabled person and veterans got tax relief in Ohio property tax.

Homestead exemption for Senior Citizen: A person age of 65 or above get tax relief of home’s taxable value if the persons income falls under the decided criteria.

Same apply for Totally disables persons. However, for Veterans, there is no income limit.

Homeowner, who keep their home as principal residence receive 2.5% reductions.

Ohio also provide tax break for commercial agricultural production.


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