Tangible Personal Property Tax
Tangible Personal Property Tax Data
Reduction in Value and Amount Reimbursed for the $10,000
Exemption, by County, Calendar Year 2005
The tangible personal property tax is a
tax on businesses in Ohio. The first $10,000 of otherwise
taxable value for each company (RC 5709.01) is exempted.
The attached table shows the reduction in taxable value in
each county resulting from the $10,000 tangible personal
property tax exemption. Also shown is the reduction in taxes
charged for the local tangible personal property tax loss. In
tax year 2005, the total reduction in taxable value caused by
the $10,000 tangible personal property tax exemption was
approximately $678.4 million. The total calculated amount of
taxes charged that would have been levied on this property
amounted to $55.3 million in 2005.
Due to a 2003 state law change, taxpayers with a taxable
value of less than $10,000 are no longer required to file a
return. As a result, in tax year 2005 the amount of reported
reduced value and taxes foregone due to the $10,000 exemption
is smaller than what was reported in tax year 2003 and
Revenue foregone as a result of the $10,000 exemption is
reimbursed by the state. However, the reimbursements are
being phased down during the Fiscal Year 2004 through 2009
period, with no reimbursements beginning in Fiscal Year 2010.
The total reimbursement in Fiscal Year 2006 was $61.2 million
(64 percent of the Fiscal Year 2003 reimbursement).
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 calculated reduction in taxes levied was derived from the
same tax abstract data set.