Severance Tax
Governor Kasich has introduced a proposal to make significant changes in the Ohio severance tax system that applies to oil and natural gas wells in exchange for lowering Ohio’s income tax.
Governor Kasich has introduced a proposal to make significant changes in the Ohio severance tax system that applies to oil and natural gas wells in exchange for lowering Ohio’s income tax.
Ohio has constitutional amendment processes which allow citizens to vote directly to change Ohio’s constitution and laws. Recently we have seen an increase in ballot initiatives and referendums, which leads to many questions.
Since term limits have been enacted in Ohio and other states, the composition of the legislatures has remained largely the same regarding women and minorities. Critics argue legislators become less effective as they grow in experience.
The Current Agricultural Use Value (CAUV) Program says for property tax purposes, farmland devoted solely to commercial agriculture may be valued by its current use, instead of its "highest and best" potential use. CAUV usually results in a substantially lower tax bill for working farmers.
The Current Agricultural Use Valuation (CAUV) program values have increased due to higher crop prices and lower interest rates, but continue to provide an average 67 percent reduction from fair market value.