For most, the big increases in local property values won’t translate to a bunch more taxes: Zach Schiller

CLEVELAND - Homeowners across Cuyahoga County have blanched over the big increase in assessed values of their properties, delivered this summer by the county in the regular revaluation of properties. But how much more will we be paying overall in property taxes? The surprising answer is: Not a whole lot.

How is that possible? Because, since the 1970s, Ohio has had stringent limitations on tax rates, known as House Bill 920 . The law, later codified in the Ohio Constitution, requires a decrease in the rate of most property tax levies any time property valuations go up. As a result, existing levies generate close to the same amount of revenue regardless of property valuations.