Real
Estate Property Analysis for Township Funding Purposes
To help you understand
how your Township receives funding for the services that
it provides you need to understand the property taxes
that you pay. Everyone who owns property pays taxes
twice a year. Indicated on your tax bill is an Appraised
Value (what the County Auditor has appraised your
property at) and the Assessed Value (35% of the
appraised value). Neither of these figures represents
what the market value of your property may be. Millage
is a percentage of every $1,000.00 of assessed value
(this figure determines what portion of your property
tax each agency, government or school will receive.)
With the exception of the general inside millage every
registered voter has the right to vote on all levies.
An Example of a
Richfield Township home:
How Your Total Property
Tax Money is Disbursed
$1,463. (59%) of your
tax funds Revere Local School District and the Cuyahoga
Valley Joint
Vocational Education School.
$ 542. (22%) of your
tax funds County Government, Children Services, Mental
Retardation/Health,
Library, Metroparks, Zoo.
$ 469. (19%) of your
tax comes back to Richfield Township.
Of the funds that are
returned to Richfield Township each year, voted upon
levies determine how the funding is allocated. As
needed, the Township Trustees analyze the financial
condition of the Township and ask voters to pass levies
for specific services. The levy can be continuous (it
has no time limit to run), a replacement (existing levy
that is about to run out and will be voted back in at
the original millage), or a renewal, (can be voted in at
a reduced collections amount). Unlike the general inside
millage that every town collects, the funds collected
from the police, fire and road levies can only be spent
on those specific services. The general inside millage
levy funding can be distributed to any service including
the administration of the township government and
generally pays for all salaries and benefits for elected
and non-elected individuals, utilities, equipment, trash
collections, and capital improvement projects.
