Assessed Value: The total valuation for taxing purposes on the county auditor's real, personal and public utility property lists.
Charge-Off: The foundation forumla's assumed local contribution, which equals 2.3 percent (23 mills) times a school district's total property wealth.
DPIA (Disadvantabed Pupil Impact Aid): Funding provided to school districts based on their proportions of students in poverty.
Effective millage: Millage that remains after HB920 tax reduction factors.
Gap aid: Provides state aid to bring all school districts enough state revenue to meet the 23-mill charge-off for those school districts that levy fewer than 23 mills.
Guarantee: Assures school districts some minimum level of state support that is greater than the amount generated by the state's funding formulas.
Floor: Voted mills cannot be reduced under this rate (currently set at 20-mills) through the property tax reduction factors.
Hold Harmless: A provision that guarantees that changes made to the funding structure will not have an immediate negative impact on a school district.
HB3: Signed by Governor Taft in 2003 to bring Ohio into compliance with the No Child Left Behind Act, which was enacted by the U.S. Congress to raise public school standards.
HB920: In effect, this 1976 act prohibits increases in (freezes) real property tax reveunes without a vote of the people. For more information on HB920, go to the County Auditor 's Web site at: http://auditor.cuyahogacounty.us/budgetcomm/housebill920.htm
Inside mills: Millage imposed by local governments, not approved by the voters, which is limited to one-percent of "true value" by Ohio's Constitution.
Mill: A mill is one-tenth of one-percent. Mills are applied to real and personal tangible property to produce tax revenue. A mill is equal to a tax of one dollar ($1) per one thousand dollars ($1000) of assessed value.
Operating Levy: A tax levy primarily for school district operation purposes.
Outside milla: Millage approved by voters ("approved mills") that are beyond the one-percent allowed without a vote of the people by Ohio 's Constitution.
Phantom Revenue: Occurs when the state assumes local school districts are raising revenue that they do not actually generate. Two types - gap aid and reappraisal.
Real Property: Land and improvements to land.
Tangible Personal Property: Business machinery, equipment and inventory subject to taxation under property tax.
Title I: A federal entitlement program that provides grants to schools with large proportions of low-income students.