The estimated impact of the CAUV program on the property tax base of the properties examined falls in the middle of other estimates of the impact of use value assessments on the property tax base in other states.
Assigning the appropriate tax rate to each individual property and multiplying it by the taxable CAUV assessment for each property indicates that these 6,698 properties generated $5,143,857 in property tax revenues in 2011.
These two metrics are used to analyze the impact of the CAUV program of preferential property tax treatment of farm land in Wayne County Ohio.
The coefficient of dispersion for CAUV assessments is 43.
DISTRIBUTIONAL CONSEQUENCES OF CAUV PREFERENTIAL ASSESSMENTS
There are a number of dimensions to explore when analyzing the distributional consequences of the CAUV program in Wayne County.
All real property in Ohio, including land in the CAUV program, is by law revised every three years being subject either to an inspection and reappraisal or the less intensive property value update.
Counties impacted by the new CAUV values this year are: Adams, Carroll, Champaign, Clark, Columbiana, Fairfield, Hancock, Hocking, Holmes, Lawrence, Logan, Marion, Medina, Meigs, Miami, Monroe, Paulding, Ross, Scioto, Tuscarawas, Washington, Union and Wyandot.
Farmland must be enrolled in the CAUV program and meet certain requirements to qualify for tax savings, and the tax savings apply only to agricultural land.
Farmers must apply at their county auditor's office every year to keep CAUV status for their land.
3 million acres of agricultural land are enrolled in the CAUV program.