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Ohio County board warned of about $8.8 million revenue drop after assessed values fall
Summary
School finance staff told the board that assessed property values in Ohio County fell about $475 million, projecting roughly an $8.8 million reduction in tax revenue next year and a district budget drop from near $46.9 million to about $38 million if levy rates are unchanged.
The Ohio County Board of Education on March 10 was briefed that assessed property values in the county have fallen sharply, a development school finance staff said will reduce property-tax revenue next year by roughly $8.8 million.
"The property values went down about $475,000,000 within the county," said Steve Bennick, who presented the assessment update to the board. He told members the decline is tied to changes in how oil and gas wells are evaluated and remains an estimate while state and federal figures are…
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