MISCONCEPTION

 

Mil stands for million. So each Mil is one million. It actually does not equal a ‘Million"

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REALITY

 

In reality, it stands for ‘millage." 

 

 

Millage is a short-hand term used in levy language to describe the tax rate residents

will pay if the levy passes

 

 

 

1 Mil = 1/1,000 of a dollar.

Or, 1 Mil = $0.001.

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The tax assessment is figured from 35% of the overall value of a property.

Example for 100,000 you would be charged $35.00 on your tax bill.  

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Township Finance 101

Monroe Township’s main source of revenue is Property Tax, which includes both inside (non-voted) and outside (voted) millage. The township receives limited funding from the State of Ohio such as: Local Government Funds, Gas Tax, Motor Vehicle Tax, and Permissive Motor Vehicle Tax.    

As mentioned above, the township receives outside millage, which are voted levies approved by the residents of the township.  A levy is typically for either a 5 year term or a continuous period (ongoing). The biggest misconception with levies is that the more people that move into the township, the more money the township will collect from the voted levy.This is not the case. In fact, the township is capped at an amount at the time the levy passes, and will not collect any additional funding above that amount unless it passes a new levy. Therefore, in a growing community like Monroe Township,in order to capture additional property tax values and increase revenue, new levies must be considered to help offset the increased cost to provide services. 

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To learn more about inside/outside millage and voted levies, reference Understanding Township Funding provided by the Ohio Township Association. 

When it comes to township spending, the township each year is required to certify funds to the County Auditor to ensure a balanced budget.This procedure confirms that the township does not allocate or spend more than the revenue received in any given year.The township has several operating, debt and capital funds; however all but one (General Fund) of those funds are restricted. A restricted fund may only be used for the designated purpose, and nothing more. An example of a restricted fund would be the Fire Fund, in which the revenue received for fire services may only be spent on fire and ems related items – it cannot be used for roads, police, etc.This is a common misconception when it comes to township funding. 

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Monroe Township works diligently by getting multiple quotes for best pricing, collaborating with other entities for bulk purchasing and investigating all options when it comes to spending taxpayer money in an effort to save money to carryover each year. Allowing for some carryover funds is a smart budgeting practice in an effort to ensure that services can continue in case revenues decrease for unforeseen reasons (i.e. state cuts, property value decreases, etc.). This practice was integral when the State of Ohio made cuts to the Local Government Fund as well as when Estate Tax went away. Thanks to the smart planning and conservative spending of our Trustees and Fiscal Officer, Monroe was and continues to be in a great financial position. 

 

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SO HOW MUCH MONEY WILL THIS 1.5 Mil LEVY BRING? $220,274.87

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WHAT WILL PASSAGE OF THE LEVY COST ME?