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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 finalized. "What that's going to do to our budget is that it's going to decrease our tax revenue next year, roughly $8,800,000," Bennick said.
Why it matters: The district’s current-year budget totals about $46.9 million between regular and excess levies, Bennick said. If levy rates remain unchanged, he estimated next year’s revenue would fall to roughly $38 million — a multi-million-dollar reduction that will require the board and staff to rethink budget priorities.
Board President (speaker 1) and other members pressed for additional detail and noted the district will not base planning on hope that values rebound. "We can't base our budget on hoping what next year might be," the president said. Bennick added that state aid will increase in part because state aid formulas factor in levy changes, and several other revenue streams (federal funds, retirement revenue) are still pending.
Context and next steps: Bennick said the initial number released was larger (about $10.5 million) and that staff are working with the assessor and state officials to verify classifications and any clerical errors. He outlined a timeline: the board will vote on a proposed levy rate at the next meeting, the third Tuesday in April will be the final vote on excess levy rates, and the budget must be approved in May.
What remains uncertain: Bennick emphasized that many figures are estimates until official state and federal aid numbers arrive. The board asked staff to continue reporting updates and to prepare for a tighter budget scenario in the coming year.
