Tax Data Series

Tangible Personal Property Tax

Tangible Personal Property Tax Data
Reduction in Value and Amount Reimbursed for the $10,000 Exemption, by County, Calendar Year 2003

The attached table shows the reduction in taxable value in each county resulting from the $10,000 tangible personal property tax exemption. The exemption applies to the first $10,000 of taxable value for each company in Ohio. Also shown is the reduction in taxes charged for the local tangible personal property tax loss.

Beginning in fiscal year 2004, the reimbursement from the state to localities for the revenue foregone as a result of the $10,000 exemption is being phased out. The phase-out will take place over a ten year period. The total reimbursement in fiscal year 2004 was $85.9 million.

The total reduction in taxable value caused by this exemption in 2003 was approximately $1.2 billion. The total amount of taxes charged that would have been levied on this property amounted to $93.1 million in 2003.

The reductions in value shown on this table were compiled from abstracts filed by each of the 88 county auditors with the Ohio Department of Taxation, Tax Equalization Division. The data on the amount reimbursed to the counties are the amounts certified for reimbursement by the county treasurers.