Tangible Personal Property Tax
Tangible Personal Property Tax Data
Reduction in Value and Amount Reimbursed for the $10,000
Exemption, by County, Calendar Year 2004
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 had begun to be phased out. The
phase-out will take place over a ten year period. The total
reimbursement in fiscal year 2005 was $74.8 million.
In addition, due to a recent change in state law, taxpayers
with less than $10,000 in assessed valuation (before the
$10,000 exemption) no longer have to file a tax return. As a
result, beginning in tax year 2004 the amount of reported
reduced value and taxes foregone due to the $10,000 exemption
is smaller than what was reported in previous years.
The total reduction in taxable value caused by this exemption
in 2004 was approximately $701.6 million. The total
calculated amount of taxes charged that would have been
levied on this property amounted to $55.8 million in 2004.
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.