Cost Calculation

Rocky River City School District

5.9 Mill Continuing Levy Request - March 6, 2012                                              

Cost Calculation Example per $100,000 of residential market valuation                     

County Market Value$100,000
County Assessed Taxable Value  $35,000
Proposed new levy @ 5.9 mills $207
Less 10% State Rollback Credit ($21)
Less 2.5% Owner-Occupied Homestead Credit ($5)
Annual Cost to Residential Property Owner $181

The example above shows how a residential real property owner's tax bill will be computed if the proposed 5.9 mill levy is passed.  "County Market Value" is defined as the amount that the county has appraised the property at given market conditions at the time of appraisal for a given year.  "County Assessed Taxable Value" is the value that the current effective tax rate is applied to arrive at the tax due before any credits are applied. 

In future years, the effects of House Bill 920 will most likely cause the 5.9 mills to be reduced since property values will be expected to increase in general, therefore requiring a lower millage rate to produce the same amount of revenue on a District-Wide basis for all residential property.                                                                                  

One mill = 1/10 of 1% of assessed valuation

Cuyahoga County Treasurer's Website: http://treasurer.cuyahogacounty.us/en-US/real-estate-taxes.aspx