Tangible Personal Property Tax
Tangible Personal Property Tax Data
Reduction in Value and Amount Reimbursed for the $10,000
Exemption, by County, Calendar Year 2007
The tangible personal property tax is a tax on businesses in
Ohio. Currently, the tangible personal property tax is
being phased out between 2006 and 2009 as part of the tax
changes contained in Amended Substitute House Bill 66, the
two-year state budget bill for Fiscal Years 2006-2007.
The first $10,000 of otherwise taxable value for each company
(RC 5709.01) is exempted. Revenue foregone as a result
of the $10,000 exemption is reimbursed by the state. A
phase-down of the reimbursement to local subdivisions for the
revenues lost due to this exemption began in fiscal year
2004, with the reimbursements being totally eliminated
starting in fiscal year 2010. In fiscal year 2008,
these reimbursements made to local governments were $30.6
million (32 percent of the fiscal year 2003 reimbursements).
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 2007, the total reduction in taxable
value caused by the $10,000 tangible personal property tax
exemption was approximately $453.8 million. The total
calculated amount of taxes charged that would have been
levied on this property amounted to $37.5 million in 2007.
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 were
derived from the same tax abstract data set.