Legal-Ease: What are all these numbers on my real estate tax bill?

There are four major pieces of Ohio real estate taxes that can help clarify the numbers on a real estate tax bill. Real estate tax calculations are like a long algebraic equation.

First, each parcel of land is appraised. Second, the value for agricultural parcels will have its values adjusted each year. Third, the value is multiplied by 35 percent. Finally, there are certain credits that decrease the final tax bill on some parcels.

July is the month when real estate taxes are due to each county treasurer in Ohio. The specific July deadline has now passed for all counties in our region. Therefore, as of today, every tax parcel’s “July installment amount” is late and subject to a late fee and interest if it has not been paid.

There are four major aspects of Ohio real estate taxes that can help clarify the numbers and calculations set forth on a real estate tax bill. Although many of us joke that we never use algebra since when we were forced to study it in high school, real estate tax calculations are like a long algebraic equation.

Read more about real estate taxes in Lee’s article in the Lima News here: Legal-Ease: What are all these numbers on my real estate tax bill?

Source: LimaOhio.com, “Legal-Ease: What are all these numbers on my real estate tax bill?,” by Lee R. Schroeder, July 28, 2018

Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.

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