Ohio Code 3318.363 – Tax valuation decrease
(A) This section applies beginning in fiscal year 2003 and only to a school district participating in the school building assistance expedited local partnership program under section 3318.36 of the Revised Code.
Terms Used In Ohio Code 3318.363
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Property: means real and personal property. See Ohio Code 1.59
- state: means the state of Ohio. See Ohio Code 1.59
(B) If there is a decrease in the tax valuation of a school district to which this section applies by ten per cent or greater from one tax year to the next due to a decrease in the assessment rate of the taxable property of an electric company that owns property in the district, as provided for in section 5727.111 of the Revised Code as amended by Am. Sub. S.B. 3 of the 123rd General Assembly, the Ohio facilities construction commission shall calculate or recalculate the state and school district portions of the basic project cost of the school district’s project by determining the percentile rank in which the district would be located if such ranking were made using the adjusted valuation per pupil calculated under division (C) of this section rather than the three-year average adjusted valuation per pupil, calculated under division (B) of section 3318.011 of the Revised Code. For such district, the required percentage of the basic project cost used to determine the state and school district shares of that cost under division (C) of section 3318.36 of the Revised Code shall be based on the percentile rank as calculated under this section rather than as otherwise provided in division (C)(1) of section 3318.36 of the Revised Code. If the commission has determined the state and school district portion of the basic project cost of such a district’s project under section 3318.36 of the Revised Code prior to that decrease in tax valuation, the commission shall adjust the state and school district shares of the basic project cost of such project in accordance with this section.
(C)(1) As used in divisions (C) and (D) of this section, “total taxable value” and “formula ADM” have the same meanings as in section 3317.02 of the Revised Code, and “income factor” has the same meaning as in section 3318.011 of the Revised Code.
(2) The adjusted valuation per pupil for a school district to which this section applies shall be calculated using the following formula:
(The district’s total taxable value for the tax year preceding the calendar year in which the current fiscal year begins / the district’s formula ADM for the previous fiscal year) – [$30,000 x (1 – the district’s income factor)].
(D) At the request of the Ohio facilities construction commission, the department of education and workforce shall report a district’s total taxable value for the tax year preceding the calendar year in which the current fiscal year begins for any district to which this section applies as that information has been certified to the department by the tax commissioner pursuant to section 3317.021 of the Revised Code.
Last updated September 1, 2023 at 3:08 PM