School funding can be a complex topic. Many factors determine how much revenue a school district receives to operate its schools.
In Grandview Heights, the single most important component of funding is the revenue generated by local property taxes from levies approved by our voters.
Later this summer, Grandview Heights and Marble Cliff residents will receive updated values on their property as part of the Franklin County auditor's 2017 reappraisal process. Although the information is tentative, initial reports show that Grandview Heights and Marble Cliff communities are expected to see an increase in values of about 29.9 percent on residential property.
The first question many residents may ask is: "Will my property taxes increase 30 percent?" The answer is no. While each property owner will be impacted differently, depending on how their property-value increases compared to the 29.9 percent average increase, the average tax-bill increase will be about 4.15 percent for school district residents.
This is a result of a state law, more commonly known as House Bill 920, which limits inflationary growth on taxes. HB 920 was passed in 1976, during a time of unprecedented inflationary growth. Home values were soaring every year, and property taxes were increasing at the same alarming rate. The state legislature passed HB 920 to protect homeowners from getting hit with large tax increases.
Although HB 920 protects homeowners from large increases in taxes, it prohibits school districts from collecting additional revenue from increases in property values. So unless new ballot issues are approved by voters, local revenue for schools remains relatively stagnant.
One exception to HB 920 is something called "inside millage," which is 10 mills in Grandview Heights and Marble Cliff. This is the only portion of the tax rate permitted to increase or decrease with property valuation.
Our school district takes great pride in managing taxpayer dollars efficiently, and we believe residents receive an excellent return on their investment in our schools. In fact, the Grandview Heights City School District's tax rate is the fourth-lowest in Franklin County. That means residents actually are paying lower taxes and receiving excellent schools.
Our community continues to thrive economically and is a wonderful place to live and raise a family. We believe that resident support and our schools play an important role in our community's overall success.
If you have any questions regarding school finance, feel free to email me at email@example.com.
Beth Collier is treasurer of the Grandview Heights City School District.