The property tax rates in Ohio include all the levies imposed by the state legislative. The Ohio property taxes differs according to the taxing jurisdictions. There are different types of jurisdiction authorities like county, school districts, municipal corporations and townships.
The governmental units in Ohio cannot impose any kind of property tax, which exceeds 1% of the true value of property. At the same time, the Ohio property tax (real estate) is limited to 1% of the total taxable value. On the other hand the Constitution has provided several tax exemptions to the agricultural land. Approved pollution control facilities are also provided with the same exemptions. The government and private institutions and the real estate property, which are placed in an enterprise zone also enjoys the same facility.
There are three prevailing laws in the state of Ohio that cause direct reduction in the property tax rate. These laws are the percentage rollback, tax reduction factor and homestead exemption. The Percentage rollback is a tax relief, which is provided by the state law. According to this law, 10% of the real property tax bill is reduced. An additional real property tax rollback of 2.5% is also granted to the dwellings, which are occupied by the owners.
On the other hand, the homestead exemptions represents those tax relief, which are provided to the senior citizens, disabled persons and the disabled veterans. The tax reduction factor divides the real estate properties in two classes and the tax reliefs are provided according to the class of the property. These property tax reductions are not applicable on the tangible personal property.
