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 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.