The Real Estate Assessment Fund is collected through the Auditor Division of the Fiscal Office. Following each state-mandated sexennial reappraisal, Ohio law states that moneys not expended for the purpose of performing assessments may be distributed back to taxing authorities if the credit exceeds $5,000. The Fiscal Office completed their sexennial reappraisal in August of 2014 with a credit of $4.64 million.
“This refund will come as a relief in a time when our communities and schools are facing cuts at the state level”, said Fiscal Officer Scalise. “I am proud of my staff for performing a responsible and cost-effective sexennial reappraisal.”
In accordance with Ohio Revised Code section 325.31, moneys to the credit of the Real Estate Assessment Fund must have approval of County Council before they can transfer to the taxing authorities. Fiscal Officer Scalise will present her proposal during the next committee meeting on April 6, 2015. Council is expected to approve the resolution on April 13, 2015.
The largest refunds will go to the Akron City School District, receiving $718,190.75; Hudson City School District, receiving $264,296.54; and Stow-Munroe Falls City School District, receiving $224,895.99. A list of taxing districts and the amount of their refund can be found here:
