Change in Real Estate Taxes for Commercial, Industrial and Mineral Property Owners
Posted on Monday, December 19, 2005
Joseph A. Pappano, Belmont County Auditor reports that all commercial and industrial property owners can expect an increase in their 2005 Real Estate Taxes payable in 2006 due to HB66 passed by the state legislature and signed into law on June 30.
Pappano said the elimination of the 10% rollback for commercial, industrial and mineral properties will result in an actual 11.1% increase in tax dollars to the owners.
However, this increase will not mean more money for local governments or schools. The increase in tax dollars replaces funds that were formerly reimbursed by the state to the taxing districts.
Pappano stated, “This tax increase is unrelated to the Belmont County 2006 reappraisal currently in progress. The change is also unrelated to local levies or assessment activities, and is the direct result of the new legislation from Columbus .
The change affects all “class two” properties, including commercial, mineral and industrial and some “class one” property relating to forested agricultural land such as CAUV and the Forest Land Tax Program.
Residential properties will continue to receive the 10% rollback.
For questions, visit the Ohio Department of Taxation web site, or call the county auditor’s office at 740 699-2132 or 740 699-2130.
Personal Property Tax Changes for 2006
The phase-out of the $10,000 reimbursement for Tangible Personal Property was accelerated in Am. Sub. House Bill 66. The last payment will be in Fiscal Year 2009 to the various Political Subdivisions.
FY2006 – 64%
FY2007 – 40%
FY2008 – 32%
FY2009 – 16%
FY2010 – 0%
Commercial Activity Tax (CAT) effective July 1, 2005
Major changes are happening to Ohio’s tax code with the enactment of Am. Sub H.B. 66. These changes affect most Ohio business taxpayers. the most prominent change in the introduction of the Commercial Activity Tax (CAT), a business privilege tax measured by a business’s gross receipts. The CAT in being phased in over five years and replaces the corporation franchise tax and the tangible personal property tax, which are bing phased out over a similar time period. For forms and information visit WWW.TAX.OHIO.GOV or call 1 800-282-1782.
Vendor’s License now on line
Regular county Vendor’s License can be applied for and purchased on the internet through the Ohio Department of Taxation or you can go to Forms on Line on this website and print out an application for a vendor’s license. You may also visit the auditor’s office in the county courthouse to purchase a vendor’s license.
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