School districts that are at the 20-mill floor get revenue growth from 20 mills (2 percent) of property taxes on existing property when the property is revalued at reappraisal or update (every three years). School districts that are not at the 20-mill floor get growth only from their inside (unvoted) millage, which is typically only about 4.5 mills. On all the voted millage, the H.B. 920 TRFs act to reduce the effective rate of taxation so that there is no growth in revenue from the voted millage at reappraisal or update. This “all or nothing” growth in property tax revenue under the current school financing is not well understood by the public. A school district with 20 mills of property taxation that counts toward the 20-mill floor gets growth on 20 mills of tax when property is revalued. A school district with, for example, 22 mills of property taxation gets growth on its 4 or 5 inside mills, but no growth at all on its 17 or 18 voted mills.
I'll have the answer tomorrow.
There's at least one more glaring error that I will share on Friday. In the meantime, keep in mind that the above is the foundation of school funding in Ohio. If the budget analysts can't get this essential piece right, what can they get right?