HB 275 Summary

• Amends the calculation method for school district equity rankings used in classroom facilities assistance by modifying how "average taxable value" is determined for districts affected by tangible personal property tax phase-outs.

• Defines "tangible personal property phase-out impacted district" as a school district where tangible personal property (excluding public utility property) made up 20% or more of total taxable value in tax year 2005.

• Requires the Department of Education to exclude non-public utility tangible personal property from the average taxable value calculation for phase-out impacted districts, using only public utility personal property values instead.

• Mandates the Department create an alternate equity list within 30 days using the revised calculation method, which the Ohio School Facilities Commission shall use to determine funding priority for fiscal year 2011 projects.

• Declares the act an emergency measure to prevent delays in classroom construction projects for school districts experiencing substantial declines in tangible personal property valuation, effective immediately.